Gold Hits Record High (April 16): Yellow metal hits unprecedented Rs 95,066/10g tracking global rates—What should investors do?

Gold & Silver Rates Today, 16 April 2025: Gold prices surged to a new record high on Wednesday, April 16, 2025, with June gold futures on the Multi Commodity Exchange (MCX) rising 0.19 per cent to close at Rs 95,066 per 10 grams. Silver futures also edged higher by 0.03 per cent, settling at Rs 94,888 per kilogram.

International Trends:

Globally, gold extended gains as investors turned to the precious metal amid rising geopolitical tensions and a weaker US dollar. Spot gold was up 0.6 per cent at $3,230.18 an ounce as of 1:47 p.m. ET (1747 GMT), after touching a record $3,245.42 the previous day. US gold futures climbed 72.79 per cent to settle at $3,314.19 at 12:19 PM, in India.

Analysts cite safe-haven demand driven by US President Donald Trump’s evolving tariff plans and the dollar’s near three-year low. Federal filings revealed potential new tariffs on pharmaceutical and semiconductor imports, with a formal announcement expected soon.

"Traders are waiting for the next major fundamental development to drive the gold market, but the charts remain bullish," said Jim Wyckoff, senior analyst at Kitco Metals.

The yellow metal has gained over 23 per cent so far in 2025. Experts believe ongoing economic uncertainty, expectations of US Fed rate cuts, and weakening dollar strength are likely to continue supporting gold in the near term.

Silver, meanwhile, dipped marginally by 0.1 per cent to $32.32 per ounce. Platinum gained 0.9 per cent to $959.75, and palladium rose 1.7 per cent to $972.57.

Manoj Jain, Director- India Nivesh, says:

On Tuesday, gold and silver were settled on a positive note in the international markets. Gold June futures contract were settled at $3,240.40 per troy ounce up by 0.44% and silver May futures contract were settled at $32.297 per troy ounce, up by 0.40%. Due to strength in the rupee, domestic markets were settled on a mixed note.

Gold June futures contract settled at Rs93,451 per 10 grams with a gain of 0.21% and silver May futures contract settled at Rs94,774 per kilogram with a loss of 0.10%. 

Gold and silver traded steady and gained in the international markets amid global uncertainty and weakness in the dollar index. The Chinese government said to stop buying Boeing aircrafts from the U.S. and also stopped to buy spare parts of air craft. After this news precious metals reacted positively once again. 

Fear of selling U.S. treasury by China is also giving fuel to precious metals. The dollar index is trading nearly 2-year lows and the U.S. economic data released last week was also mixed and supported prices of gold and silver. Gold prices are sustaining above $3,200 per troy ounce and likely to test $3,300 per troy ounce in the upcoming sessions. 

We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and the US-China trade war; gold prices could hold its support level of $3,072 and silver prices could also hold $29.88 per troy ounce levels this week. Gold has support at $3220-3194, while resistance at $3264-3292 per troy ounce and silver has support at $32.00-31.74, while resistance is at $32.64-32.88 per troy ounce in today’s session. 

At mcx, gold is having support at 93000-92660 and resistance at 93950-94500 while silver is having support at 94000-93350 and resistance at 95500-96650. We suggest buying gold above 93600 with a stop loss of 93300 for the target of 94200 and also suggest buying silver around 94400 with a stop loss of 93750 for the target of 95800.

Retail Gold Prices Across Major Indian Cities (April 16, 2025):

Gold Price in Mumbai:

In Mumbai, the price of 24-karat gold stood at Rs 9,517 per gram, while 22-karat gold was priced at Rs 8,719 per gram.

Gold Price in Delhi:

The national capital recorded 24K gold at Rs 9,532 per gram, with 22K gold available at Rs 8,734 per gram.

Gold Price in Chennai:

Gold rates in Chennai were slightly lower, with 24K gold at Rs 9,517 per gram and 22K gold at Rs 8,517 per gram.

Gold Price in Kolkata:

In Kolkata, 24-karat gold was priced at Rs 9,517 per gram, and 22-karat gold was selling at Rs 8,719 per gram.

Bengaluru:

Bengaluru saw 24K gold trading at Rs 9,517 per gram, while 22K gold was available at Rs 8,719 per gram.