Gold prices on MCX opened higher on Friday, tracking a rally in international bullion prices that reached record high level amid safe-have buying on escalating global trade war tensions.
MCX gold rate opened higher at ₹92,463 per 10 grams as against its previous close of ₹92,033, and surged to a record high of ₹93,736 level. MCX Silver prices opened at ₹92,000 per kg as against its previous close of ₹91,595.
Safe-haven gold gained nearly 2% and surpassed the key $3,200 mark on Friday, spurred by a weaker dollar and recession concerns due to an intensifying trade war between U.S. and China.
Spot gold jumped 1.7% to $3,227.39 an ounce, as of 1020 GMT, after hitting a record high of $3,237.56 earlier in the session. Bullion is up over 6% so far this week.
U.S. gold futures climbed over 2% to $3,246.30. Spot gold has continued its blazing rally from the last year, hitting multiple record highs and gaining nearly 21% so far this year driven by uncertainties, central bank demand and increased flows into gold-backed exchange-traded funds.
Traders now bet that the Fed will resume cutting rates in June and probably reduce by a full percentage point by the end of 2025.
Spot silver gained 0.8% to $31.46 an ounce, while platinum added 0.3% to $940.45. Palladium jumped 2.05% to $927.29.
