Gold Prices Soar Amid Global Market Uncertainty, Cross ₹1 Lk Mark |What's Next For The Yellow Metal?

Gold prices on Tuesday hit a fresh high on MCX amid a sharp weakness in otherwise safe haven dollar, in the backdrop of a tug of war between the US President Donald Trump and the US Federal Reserve Chair Jerome Powell over interest rate cuts. US-China trade tensions, concerns over global economic growth and purchasing of 29.1 metric tons of gold ETFs by China in the first 11 days of April, had already added sheen to the yellow metal. Besides, the US Federal Reserve recently issued a warning that tariffs could threaten its dual mandate of maintaining stable prices and full employment, which further strengthened gold’s safe-haven appeal.On Tuesday, the MCX gold contracts for June delivery gained 1.71 per cent to Rs 98,946 per 10 grams. They hit a record high of Rs 99,178 per 10 grams earlier today. Inclusive of GST, the yellow metal has breached the one lakh mark in India. Globally, COMEX June contracts hit a fresh lifetime high of $3,500.8 per ounce after hitting earlier highs of $3,495.5 per ounce and $3,485.9 per ounce. Watch Colin Shah, MD, Kama Jewellery, and Ajay Kedia, MD & Director, Kedia Advisory, on gold outlook.