Gold price today: Gold and silver rates on MCX continue to rise on Monday, October 13, amid rising tensions between two biggest economies US and China.
At 9:00 am, MCX Gold December futures traded 1.62 per cent up at ₹1,23,313 per 10 grams, while the MCX Silver December futures were up 3.44 per cent at ₹1,51,577 per kg at that time.
On the global front, spot gold reached a record high above $4,060 per ounce, marking its eighth consecutive weekly gain on Friday. Meanwhile, silver climbed up to 1.1 per cent, nearing $51 per ounce.
On Sunday, China called out US to stop threatening new tariffs and resume negotiations, cautioning that it would retaliate if the US moved forward with additional measures. Over the weekend, US President Donald Trump, who had previously warned of a 100% tariff on Chinese goods, adopted a more conciliatory stance in his comments.
“Looking ahead to the coming week, markets will be closely watching the impact of President Trump’s decision to impose 100% retaliatory tariffs on Chinese goods starting November 1. This move is expected to be a key factor influencing gold prices. Additionally, uncertainty around the ongoing US government shutdown, which shows no signs of resolution, will also be in focus. Domestically, the upcoming Diwali festival may boost gold demand, as festive buyers return to the market,” said Aksha Kamboj, Vice President – India Bullion and Jewellers Association and Executive Chairperson – Aspect Global Ventures.
This year, precious metals have experienced a strong rally, with the four primary members of the group climbing between 50% and 80%, leading gains across commodity markets.
Gold’s rise has been supported by purchases from central banks, increasing exchange-traded fund holdings, and interest rate cuts by the Federal Reserve. Demand for safe-haven assets has also been boosted by ongoing US-China trade disputes, challenges to the Fed’s independence, and the risk of a US government shutdown.
Is it right time to buy or sell? Experts weigh in
“Gold prices hovered near a record high hit earlier in the session, as renewed US-China trade tensions and broader economic uncertainty boosted safe-haven demand. Adding to market jitters, the US government shutdown has stretched into another week, leaving markets without several key economic indicators needed to assess the health of the economy,” said Jigar Trivedi, Senior Research Analyst at Reliance Securities.
According to Trivedi, MCX gold price for December futures may rise to ₹122,500 per 10 grams and ₹121,500 per 10 grams is a good support.
Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
