The Indian market is going to be closed on 10 April for the Mahavir Jayanti holiday. Therefore, MCX is closed. Gold spot has staged an upsurge worldwide, with a 1.5% rise to $3,129.33 on spot prices per ounce.
Precious metals have been displaying a strong bullish movement, on account of increasing scope of investments by investors under uncertain types in the economies across the visibility of the globe.
Why is Gold High? Factors Driving the Rise
1. The Trade Disputes Between China and the United States Have Escalated
The tariffs that were enacted during the presidency of Donald Trump have greatly influenced gold worldwide tariffs. The importing tariffs by the US on Chinese goods rose, to which China retaliated.
Thus trade war escalated, where there is now market volatility with many investors resorting to safe-haven assets such as gold.
2. Fear of Inflation & Economic Slowdown
Analysts think tariffs could raise prices of goods and hence noticed rising inflation. Central banks will lower their interest rates if the economy was left slow, which would lead to more investor appetite for gold. According to Edward Meir of Marex, the price of gold might reach $3,200 an ounce by the end of this month.
3. Geopolitical Risks Central Banks Demand
Those threats from ongoing tensions in the Middle East and Ukraine, and the banks ‘ increasing their gold reserves have strengthened the demand. Additionally, the Fed is projected to cut rates in 2025, further supporting high gold rates.
Gold Futures, Market Trends
On the upside, US gold future states as at the moment $3,145.80 per ounce. 2.2 percent increase.
This is the most considerable increase in an individual day since October 2023.
Gold has so far gained 18 percent this year as a result of tariffs, fears of inflation, and risks associated with geopolitics.