Gold Hits Record High on Weekly Gains Fueled by Fed Cut Expectations and US-China Standoff
The US-China trade war escalation and declining US dollar rates drove gold prices up while MCX gold rates reached ₹93,940 per 10 gm
Gold rate today: Gold prices climbed to new highs in both original and global market, driven by rising trade pressures between the US and China and a decaying US dollars following Donald Trump's unanticipated tariff policy change. The MCX gold rate ended the week at ₹ 93,887 per 10 gm after seeing a rise of ₹ 5,757 per 10 gm which represents a 6.53 increase from its former Friday's ending rate of ₹ 88,130 per 10 gm. The spot gold price reached an unknown high of$ 3,245 per ounce in the transnational request before closing at$ 3,236.21 per ounce which redounded in a 6.41 gain over the week. It ended the week at 99.89 after losing 0.72%.
Market analysts claim that intensifying trade tensions between the US China trade war along with unexpected policy changes that weakened the US dollar triggered last week's gold price rally. The US decided to pause Trump tariffs for most trading partners but not China resulting in a major sell-off of the US Fed rate cut and creating strong support for Gold price outlook. The unexpected US policy change to halt tariffs on all trading partners except China prompted by Donald Trump escalated tensions in the US-China trade war and strengthened gold prices.
Sugandha Sachdeva stated that Gold continues to receive support from the developing trade war between the US and China. Investors are turning to Gold to protect their investments from the increased risks in the current environment.
Currently, buyers have momentum which leads Gold towards its resistance zone between ₹94,500 and ₹95,000 while maintaining ₹92,000 as vital support.
