MCX Gold Hits Record High as Dollar Weakens
gold price hits record 84000 : Gold prices in India reached new all-time highs on Wednesday, with MCX Gold April 4 contracts surpassing the ₹84,000 mark. The surge was driven by a declining US dollar, escalating trade tensions between the US and China, and strong demand in the domestic spot market.
MCX Gold Tops ₹84,000 for the First Time
MCX Gold for April 4 expiry touched a record ₹84,154 per 10 grams, exceeding the previous high of ₹83,721. Around 9:20 AM, gold was trading 0.36% higher at ₹84,098 per 10 grams.
gold price hits record 84000 : Global Gold Prices Also Hit New Highs
Internationally, gold prices soared to $2,853.97 per ounce, fueled by renewed fears of a trade war between the world’s two largest economies. Investors flocked to gold as a safe-haven asset after China announced retaliatory tariffs on US imports and hinted at possible sanctions on major US companies, including Google.
gold price hits record 84000 : Why Is Gold Price Rising Today?
1. US-China Trade War Fears
The latest round of US tariffs on Chinese goods prompted an immediate response from Beijing, which imposed counter-tariffs and launched an investigation into American tech giants. This uncertainty drove investors towards gold.
2. Weakening US Dollar
The US dollar index fell nearly 200 basis points after China’s tariff announcement, further boosting gold prices. A weaker dollar makes gold more attractive for global investors.
3. Economic Uncertainty
Recent US economic data has been disappointing, increasing speculation about potential rate cuts by the Federal Reserve. This has added to gold’s upward momentum.
What Should Be Your Trading Strategy?
Experts advise caution as gold trades at record highs.
- Short-Term Traders: Book partial profits at current levels but remain watchful of further geopolitical developments.
- Long-Term Investors: Accumulate on dips as gold remains a strong hedge against economic uncertainty.
- Key Levels to Watch: Support is seen around ₹83,500, while resistance is near ₹84,500.
Outlook for Gold Prices
While tensions between the US and China remain the key trigger, experts suggest that Trump’s tariff policies are largely a negotiation strategy. However, if trade tensions escalate further, gold may continue to see strong buying.
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