Gold prices are on the rise again, driven by escalating concerns over U.S. President Donald Trump’s proposed tariffs on pharmaceuticals and semiconductors.
This uncertainty has investors flocking to gold as a safe haven, pushing prices higher.
Global Gold Market Trends
As of Tuesday, spot gold increased by 0.4% to $3,221.70 per ounce, following a record high of $3,245.42 the previous day.
U.S. gold futures mirrored this trend, also climbing 0.4% to $3,237.60.
The market’s volatility is largely attributed to the U.S. administration’s ongoing investigations into critical sectors for potential tariffs, citing national security concerns.
Expert Predictions and Key Levels
Analysts suggest that gold’s upward momentum may continue if tariff uncertainties persist.
Aakash Doshi from State Street Global Advisors forecasts that gold could reach $3,400 later this year, with a 40% probability under current conditions.
In more extreme scenarios, prices might climb as high as $4,000 to $5,000, especially if macroeconomic factors like stagflation and de-dollarization come into play.
Goldman Sachs has also raised its year-end forecast for gold by $400, now expecting it to hit $3,700 per ounce.
The bank cites stronger-than-expected central bank demand and increased recession risks as key drivers for this adjustment.
MCX Gold Outlook
In India, the Multi Commodity Exchange (MCX) reflects this global trend. Experts highlight that MCX gold has support at ₹89,960-89,350 and resistance at ₹90,710-90,990.
Given the current momentum, MCX gold is expected to test the ₹96,000 mark during the trading week of April 15-17.
Investor Takeaway
With the global economic landscape in flux, gold continues to serve as a reliable hedge against uncertainty.
Investors should monitor key support and resistance levels closely, as market dynamics evolve in response to geopolitical developments.
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