Gold price today: Rates rise on concerns over Trump’s reciprocal tariff; experts highlight key levels for MCX Gold

Gold price today: Gold rates climbed in the domestic futures market Thursday morning, supported by mounting concerns over US President Donald Trump’s reciprocal tariffs, which are to be implemented from April 2. MCX Gold April 4 contracts were up 0.56 per cent at ₹88,130 per 10 grams around 1:55 PM.

Raising concerns over the possibility of a deeper trade war, Trump, on Wednesday, announced he would levy a 25 per cent tariff on auto imports to bring more manufacturing jobs to the US.

Trump had earlier announced a fresh round of tariffs will come into effect on April 2, As the April 2 tariff deadline looms, investors fear that the wide-ranging tariffs could drive up inflation and high economic growth.

“Gold prices have rebounded due to rising global trade concerns caused by US auto tariffs. US President Donald Trump announced a 25 per cent tariff on imported vehicles and light trucks beginning next week, escalating the global trade war. The deadline for retaliatory duties from the world’s largest economy is April 2,” Renisha Chainani, the head of research at Augmont, observed.

Heightened concerns over the economic impact of Trump’s tariffs and a major trade war have kept gold prices at higher levels this year. Domestic spot gold prices have surged 15 per cent so far in calendar year 2025.

Experts believe uncertainty over the impact of the ongoing trade war on global economic growth and expectations of US Fed rate cuts this year will keep gold prices at elevated levels this year, with intermittent profit bookings.

According to a Reuters report, “Goldman Sachs on Wednesday raised its end-2025 gold price forecast to $3,300 per ounce from $3,100, citing stronger-than-expected ETF inflows and sustained central bank demand.”

While some speculate that Trump’s tariffs may be more lenient, investors remain cautious about how the situation will unfold next week.

Chainani of Augmont believes that due to Trump tariffs and the global trade war, the US economy may experience stagflation, which means higher inflation and lower growth.

“This economic scenario, which is expected to develop in the coming months, is overall negative for the dollar and positive for gold. In the near term, if prices sustain above $3,040 ( ₹88,200), they can again head higher towards $3,080 ( ₹90,000),” said Chainani.

The focus is also on the Fed’s preferred inflation gauge- US personal consumption expenditures (PCE) data, due on Friday, which could influence expectations on the US interest rate trajectory.

Experts highlight key levels for MCX Gold, Silver

According to Manoj Kumar Jain of Prithvifinmart Commodity Research, gold has support at $3,034-3,022, and resistance is at $3,068-3,080 per troy ounce. Silver has support at $33.80-33.55, and resistance is at $34.50-34.80 per troy ounce in today’s session.

MCX Gold has support at ₹87,400-87,180 and resistance at ₹87,850-88,100, while silver has support at ₹98,800-98,220 and resistance at ₹1,00,200-1,01,000, Jain said.

“We suggest buying silver around ₹98,800 with a stop loss of ₹98,220 for the target of ₹1,00,200,” said Jain.

According to Rahul Kalantri, VP of commodities at Mehta Equities, gold has support at $3,000-2,982 while resistance at $3,044-3,060. Silver has support at $33.44-33.25 while resistance is at $33.86-34.10.

In INR, gold has support at ₹87,470-87,280, while resistance at ₹87,860-87,990. Silver has support at ₹98,550-97,850 while resistance at ₹1,00,320-1,00,950, said Kalantri.

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Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.