Gold prices surged on Thursday, driven by a significant uptick in safe-haven demand. This surge followed US President Donald Trump’s announcement of increased tariffs on Chinese goods, despite his temporary relief on duties for various other nations. Just a day prior, the international gold market experienced a remarkable increase of 3%.

Market Overview

In India, the stock and commodity markets were closed on April 10 due to the Mahavir Jayanti holiday, but trading on the Multi Commodity Exchange (MCX) is set to resume at 5 PM for the evening session.

• Spot gold prices climbed 0.2%, reaching $3,089.17 per ounce.
• The gold market hit an unprecedented high of $3,167.57 on April 3.
• Meanwhile, US gold futures increased by 0.8%, settling at $3,104.90.

In the previous trading session, spot gold had already surged by 2.6%, with US futures rising by 3%.

Indian Market Insights

On Wednesday, the MCX gold rate dipped slightly by ₹80, or 0.09%, closing at ₹89,724 per 10 grams. It reached a session peak of ₹90,853. In contrast, silver saw a notable rise, increasing by ₹2,856, or 3.22%, to close at ₹91,600 per kg.

Factors Driving Gold Prices

Gold has appreciated more than $400 in 2025, largely due to heightened demand for safe investments and substantial purchases by central banks, according to reports.

US-China Trade Dynamics

The recent spike in gold prices correlates with President Trump’s intensified stance on China, raising tariffs on imports from 104% to 125%. This escalation raises concerns about potential inflation and economic deceleration, prompting investors to shift their focus from equities and industrial commodities to the safety of gold.

• Trump also introduced a 90-day pause on tariff increases for other countries, aiming to balance trade tensions.

What’s Next for Investors?

Market participants are eagerly anticipating the release of the US Consumer Price Index later today, followed by the Producer Price Index on Friday. These reports will provide crucial insights into the Federal Reserve’s stance on interest rates, influencing future gold price movements.

For ongoing updates, check your local gold prices today in cities like Delhi, Mumbai, and Chennai.

Stay informed and explore the dynamics of the gold market as it continues to evolve amidst geopolitical tensions and economic forecasts.