Gold and Silver Rates Today (April 3, 2025): Gold hits record high at Rs 91,423, Silver slips to Rs 99,658 amid market volatility

Gold and Silver Prices Today (April 3, 2025): Gold prices in India surged to an all-time high on Thursday, with June futures on the Multi Commodity Exchange (MCX) rising 0.73 per cent to settle at Rs 91,423 per 10 grams. In contrast, silver lost momentum, slipping 1.38 per cent to close at Rs 99658 per kilogram.

Gold soars as investors seek safe haven amid tariff turmoil

Gold prices skyrocketed globally after US President Donald Trump imposed aggressive new import tariffs, escalating global trade tensions. This move triggered a rush toward safe-haven assets, pushing spot gold up 0.5 per cent to $3,148.05 an ounce, after briefly touching a record high of $3,167.57 earlier in the session.

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Meanwhile, US gold futures firmed 0.2 per cent to $3,172.60.

On Wednesday, Trump announced a 10 per cent tariff on all US imports, along with higher duties on multiple countries, intensifying the trade war and unsettling global markets. Analysts suggest that the policy shift could slow US economic growth and fuel inflation, further boosting gold demand.

"Tariffs are adding to gold’s appeal by increasing the likelihood of economic slowdown and potential rate cuts in the US," said Kyle Rodda, financial market analyst at Capital.com.

The Trump administration also confirmed that a 25 per cent tariff on global car and truck imports would take effect on April 3, with duties on auto parts following on May 3.

Gold’s 19% surge in 2025 driven by geopolitical uncertainty

Gold has already gained 19 per cent year-to-date, supported by inflation concerns, geopolitical instability, and central bank buying. Analysts believe some traders are anticipating central banks may shift reserves into gold instead of US dollar-denominated assets, further driving demand.

Silver, on the other hand, struggled amid broader market volatility. Spot silver dipped 1.5% to $33.52 an ounce, while platinum fell 0.7 per cent to $977.17, and palladium declined 0.5% to $965.14.

High volatility expected in gold & silver prices

According to Manoj Jain, Director at India Nivesh, gold and silver prices witnessed extreme volatility following the US tariff announcement. On Wednesday, international gold futures settled at $3,166.20 per troy ounce, up 0.64 per cent, while silver futures rose 0.99 per cent to $34.65 per troy ounce.

In India, however, the domestic markets showed a mixed trend:

Gold June futures closed at Rs 90,728 per 10 grams, down 0.16 per cent.

Silver May futures rose 0.29 per cent to Rs 99,753 per kilogram.

Jain emphasized that gold prices could continue their upward momentum, nearing the $3,200 per troy ounce level, while silver remains vulnerable due to sell-offs in industrial metals.

Support & resistance levels

• Gold (MCX): Support at Rs 90,300–89,800, resistance at Rs 91,220–91,500.
• Silver (MCX): Support at Rs 98,800–97,750, resistance at Rs 1,00,500–1,01,650.
• Gold (Global): Support at $3,144–$3,122, resistance at $3,188–$3,210.
• Silver (Global): Support at $34.20–$33.74, resistance at $35.00–$35.50.

Gold Prices in Major Indian Cities (April 3, 2025)
In the domestic market, gold prices per gram stand as follows:

• Mumbai: Rs 9,283 (24K), Rs 8,509 (22K)
• Delhi: Rs 9,298 (24K), Rs 8,524 (22K)
• Chennai: Rs 9,284 (24K), Rs 8,509 (22K)
• Kolkata: Rs 9,283 (24K), Rs 8,509 (22K)
• Bangalore: Rs 9,283 (24K), Rs 8,509 (22K)