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Informist, Thursday, Apr. 17, 2025

--MCX June gold contract hits fresh all-time high of INR 95,895 per 10 gm 

MUMBAI - Futures contracts of gold on the Multi Commodity Exchange of India rose to a fresh all-time high on Thursday tracking those on COMEX, boosted by safe-haven demand for the metal amid the ongoing global trade tensions and fears of an economic slowdown. 

The US administration announced Tuesday that China will now face up to 245% tariffs on imports to the US as a result of Beijing's retaliation on reciprocal tariffs imposed earlier this month by US President Donald Trump. 

At 1015 IST, the most-active June gold contract was 0.14% higher at INR 95,793 per 10 grams, after touching an intraday peak of INR 95,895 per 10 grams earlier in the day. For the rest of the session, resistance for the MCX June contract is seen at INR 96,666 per 10 grams and support at INR 93,808 per 10 grams. On the COMEX, the same contract was up 0.15% at $3,351.3 per ounce, after hitting a record high of $3,371.9 per ounce earlier in the day.

"The outlook for gold remains constructive, supported by a robust mix of macroeconomic and geopolitical factors that reinforce its intrinsic value as a store of value and diversification asset in uncertain times," Dow Jones quoted Pepperstone's Quasar Elizundia as saying in an email.

Meanwhile, gold prices also rose taking cues from Federal Reserve Chair Jerome H. Powell's speech on Wednesday, in which he said the US tariff policies could lead to economic slowdown. "The level of the tariff increases announced so far is significantly larger than anticipated," Powell said at the Economic Club of Chicago. "The same is likely to be true of the economic effects, which will include higher inflation and slower growth. Both survey-and market-based measures of near-term inflation expectations have moved up significantly, with survey participants pointing to tariffs."  End

US$1 = INR 85.54

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Reported by J. Navya Sruthi

Edited by Tanima Banerjee

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