Gold price hits record high, crosses Rs 95,000 amid weak dollar and tariff uncertainty

Gold rates on April 16 jumped to an all-time high, crossing Rs 95,000-mark for the first time in the domestic futures market.

The yellow metal climbed a record new peak of Rs 95,090 per 10 gram before paring some gains to trade at Rs 95,000, higher by 1.66 percent at 1:04 pm on Wednesday.

Silver also recorded solid gains in the futures market with prices jumping 1.56 percent to Rs 96,253 per KG on MCX. It had briefly touched an intra-day high of Rs 96,344 per kg.

The jump in price was driven by a weaker dollar and the continuing uncertainty over US President Donald Trump’s tariff war.

The international gold prices also scaled a record peak over a falling dollar, escalating trade tension and concerns over global economic growth fuelled demand for safe-haven bullion.

Spot gold rose 1.7 percent to $3,282.88 an ounce in the international market as of 0457 GMT. It hit a fresh high of $3,290.1 per ounce earlier in the session. US gold futures gained 1.8 percent to $3,299.60.

The dollar index eased 0.5% against its rivals, making gold more attractive for other currency holders.

Gold, traditionally viewed as a safe-haven investment during times of geopolitical and economic uncertainties, hit multiple record highs this year, gaining more than 25 percent year-to-date.

Leading banks remain optimistic about gold’s prospects over the coming quarters as investors add to holdings in gold-backed exchange-traded funds and central banks continue to accumulate the metal. Goldman Sachs Group Inc. is forecasting that prices will rally to $4,000 an ounce by mid-2026.

"Gold will continue to be strong as long as there's uncertainty," said Brian Lan, managing director at Singapore-based dealer GoldSilver Central.

Spot silver added 0.5 percent to $32.45 an ounce, platinum fell 0.3 percent to $956.8 and palladium was steady at $971.24.

With agency inputs