MCX gold prices hit fresh record high tracking COMEX; weak dollar supports
This story was originally published at 09:45 IST on 11 April 2025
Register to read our real-time news.Informist, Friday, Apr. 11, 2025
--MCX June gold contract hits fresh record high of INR 93,736 per 10 gm
MUMBAI - Futures contracts of gold hit a fresh all-time high on the Multi Commodity Exchange of India Friday tracking COMEX, where prices rose due to increasing safe-haven demand amid the trade war between the US and China. A weak dollar also supported the prices of the yellow metal.
Since the time US President Donald Trump announced tariffs on US imports on Apr. 2, gold prices have risen 4.4% to the new record high of INR 93,736 per 10 gm on Friday. At 0917 IST, the most-active June gold contract was up 1.6% at INR 93,540 per 10 gm.
Earlier Friday, the most-active June contract on COMEX also hit a fresh record high at $3,241.5 per ounce, as the trade war intensified. Trump raised tariffs on China to 125% on Thursday, after Beijing hit back by imposing 84% tariffs on the US on Wednesday. The White House later clarified that Trump's new tariff on China totalled 145%, not the 125% initially reported.
The rally in gold prices was also supported by a weaker dollar index. At 0920 IST, the dollar index, which measures the strength of the greenback against a basket of six major currencies, was at 99.95, nearly 1% lower from its previous close. A weaker greenback makes dollar-denominated commodities such as gold cheaper for holders of other currencies.
According to Prithvi Finmart, support for the June gold contract is seen at INR 92,850 per 10 gm, with further downside at INR 92,220 per 10 gm, while resistance is seen at INR 93,880 per 10 gm and a break above this might drive prices to INR 94,400 per 10 gm. End
US$1 = INR 86.19
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by J. Navya Sruthi
Edited by Vandana Hingorani
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (22) 6985-4000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2025. All rights reserved.
To read more please subscribe
Share this Story:
