Gold Price To Hit Rs 1 Lakh In Near Future? Analysts Bullish As Trump Tariffs Boost Safe-Haven Appeal

Gold price scaling the Rs 1 lakh per 10 gram-mark on India's Multi Commodity Exchange in the near future cannot be ruled out, analysts said on Wednesday. The projection comes at a time when tariff threats of US President Donald Trump has led to economic uncertainties, thereby boosting the appeal of safe-haven assets like gold. The Trump administration will announce "reciprocal tariffs" on all countries levying duties on American exports at 4 p.

m. ET on Wednesday (1:30 a.m.



IST on Thursday). In addition, all automobile imports to the country will be charged with a 25% tariff from Thursday onwards.On Tuesday, a day ahead of Trump's scheduled announcement, gold futures peaked to a record $3,177 an ounce on the New York-based Commodities Exchange Inc.

and to an all-time high of Rs 91,400 per 10 gram on the MCX.The prices marginally retreated to $3,160 an ounce on the COMEX and Rs 90,700 per 10 gram on the MCX at 4:10 p.m.

(IST). Commodity market analysts suggest that the prices are likely to surge, following Trump's announcement of reciprocal tariffs, which will come into effect immediately.Trump's 'Liberation Day' Tariffs — Impact On India And Possible ResponseGold At Rs 1 Lakh Soon?"Given the current momentum of gold, an additional 10-12% gain towards Rs 1,00,000 level cannot be ruled out," said Rahul Kalantari, vice president – commodities at Mehta Equities Ltd.

The uptick in gold prices, in recent period, has been fuelled by Trump's tariff policies which pose headwinds for global economy. The tariffs hold the potential to hurt equity markets, fuel recession and slow down economic growth, which in turn raises the demand for gold as a safe-haven asset, analysts explained."As global trade tensions persist, gold remains a key safe-haven asset, with further price gains likely amid ongoing uncertainty," said Kaynat Chainwala, assistant vice president for commodities research at Kotak Securities Ltd.

Chainwala, however, refrained from projecting gold to touch Rs 1 lakh-mark in the near future. Gold may potentially reach $3,280 per ounce on the COMEX and Rs 94,700 per 10 grams on the MCX in the coming months, she said.In the week ahead, gold prices could rise to $3,180 per ounce on the COMEX and Rs 92,000 per 10 gram on the MCX this week, the Kotak Securities analyst said.

As for key gold price levels, short-term investors should find support at $3,045-$2,960 levels and resistance at $3,195-$3,240, Kalantari said. On the MCX, gold has support at Rs 87,780-85,450, while resistance at Rs 91,680-92,440 levels, he added.Rupee Ends Lower Against US Dollar Ahead Of Trump Tariff Speech.

Read more on Markets by NDTV Profit..