Today’s gold price: In today’s trading session, March 14, gold prices reached yet another peak on the Multi Commodity Exchange (MCX), continuing their upward trend for the third day in a row. At ₹87,781 per 10 grams, the April expiry contract opened higher and continued to gain strength, reaching a new high of ₹88,280, which represented a 0.57% increase from the previous closing price. Meanwhile, earlier today, spot gold prices hit a new all-time high of $3,004 per ounce, surpassing $3,000 for the first time. After closing the previous calendar year with a 27.24% gain, spot prices had already increased 14.20% this year. In honor of Holi, Indian stock markets were closed today. On the other hand, the evening session of commodity markets began at 5 PM.
According to the statement, gold is still a valuable safe-haven asset because the bank’s economists predict that by the third quarter of this year, global economic growth will have dropped to 0.3%. In his most recent attack, Trump threatened to put 200 percent tariffs on wine, champagne, and other alcoholic beverages from EU nations in retribution for the bloc’s proposed taxes on whiskey and other goods made in the United States. In response to Trump’s steel and aluminum tariffs, the EU proposed its own duties. The president declared that he would not revoke the metals duties or the intentions to impose universal reciprocal tariffs on nations starting on April 2.
In light of concerns that the growing trade war between the world’s largest economies may rekindle inflation, analysts have cautioned that markets are being shaken by uncertainty. The S&P 500 entered a correction Thursday after plunging more than 10% from its most recent peak, which was a record high reached only last month, as Wall Street has been battered. According to Ajay Kedia, Director of Kedia Advisory, record central bank purchases, a declining value of the US dollar, and rate cuts by the Fed will propel gold prices on the MCX to ₹92,000 in 2025. Concerns about inflation and a worldwide trade war are also expected to maintain the upward trend. “Gold’s historical tendency to correct when all factors turn bullish suggests that unexpected market shifts could cause price swings of ₹6,000- ₹7,000 per 10 grams before reaching new highs,” he further added.