rewrite this title and make it good for SEOGold hits new summit of Rs 89,000 per 10 gm mirroring internaitonal price trend

Gold prices day after day are hitting new high amid the high uncertainty posed by the US President Donald Trump’s tariff policies. Mirroring international price trend, MCX gold has hit a new milestone in Wednesday’s session and swiftly surged past Rs 89,000. On the MCX, gold April contract has hit Rs 89,014 per 10 gm- a new lifetime high.

Comex gold, meanwhile, has hit a new all-time high of $3,052.31 per ounce.

Why gold prices are on a rally?

Gold prices are rallying and the upsurge may continue as per experts given the weak global cues. Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial services held that gold prices rose 1 per cent to hit a fresh record high, anchored above the $3,000 mark, as rising Middle East tensions and trade uncertainties due to U.S. President Donald Trump’s tariff plans fueled demand for the safe-haven asset. Israeli airstrikes killed more than 400 people in Gaza, threatening a two-month ceasefire.

Meanwhile, Donald Trump has floated a series of US tariff plans, including a flat 25 per cent duty on steel and aluminum that came into effect in February, as well as reciprocal and sectoral tariffs that he said will be imposed on April 2.

Traders expect the Fed to keep interest rates unchanged, while they see nearly a 66 per cent chance of a rate-cut in June, according to the CME Group’s Fed-Watch Tool, added Modi.

Factors to determine gold’s near-term direction

After record gains, gold’s direction shall be determined based on Fed policy meeting due to release its outcome later today, Governor Powell’s comments and economic forecasts.

Experts take on gold

Kunal Shah- Head of Commodities Research- Nirmal Bang said gold is showing no signs of retreating lower and in fact is depicting a one-directional move. The expert held that a slew of global cues including the retaliatory tariffs to be implemented from April 2 will lead to a slowdown in US economy and gold’s appeal as a safe-haven would further get a push.

Shah sees near-term for gold at Rs 90,000-91,000 per 10 gm.