Gold Hits Fresh Peak Above Rs 94k as Market Sweats Over Trump’s Tariff Threat

Gold Price Today: The rate of yellow metal reached another record high as investors gauge the impact of trade tariffs that will kick off today. Gold price surpassed the Rs 94k level mark per 10 grams in the Delhi NCR region on April 1. This takes the overall returns of the yellow metal, so far this year, to around 17%. On the other hand, global stock markets have witnessed heightened selling pressure during the same period. Benchmark indices— Sensex and Nifty— have largely remained in the negative territory since the start of 2025.

Even the US markets experienced bears taking charge as overall investor sentiment turned jittery owing to Trump's tariff uncertainty. Meanwhile, the rapid accumulation of yellow metal in reserves by global central banks has also fueled the sharp rally.

As per Goodreturns website, the rate of 24-carat gold (per 10 grams) stood at Rs 93,000 on April 2 in the national capital.

"Comex Gold surged to an all-time high of $3,127 in the last session, gaining nearly 1.2% as risk-averse investors sought refuge in safe-haven assets. The sharp rally comes amid a global equity market downturn, driven by concerns over impending tariffs on US imports, set to be implemented by President Donald Trump on April 2," Axis Securities stated.

Trump's Tariff Move Pushes Gold Higher

With the April 2 tariff deadline finally here, investors remain on edge over how 'reciprocal' tariffs will play out globally. The heightened uncertainty also sent investor sentiment into a sharp downtrend. This was quite visible when the S&P global index and Nasdaq hit a 6-month-low, just earlier this week.

Even domestic markets, Sensex and Nifty, crashed by over 1.5% yesterday. "On MCX, gold registered a fresh all-time high of Rs 91,400 in the June contract, marking an impressive 18% gain in 2025 so far," said Jateen Trivedi, VP research analyst -commodity and currency at LKP Securities.

However, analysts warn that any delay or lower-than-expected tariffs could trigger profit booking as the yellow metal has already factored in most tariff-related moves.

What will impact gold price ahead?

"The week ahead remains highly volatile, with a trading range projected between Rs 88,500-Rs 92,500. Additionally, key economic data, including Manufacturing and Services PMI, ADP unemployment, Nonfarm Payrolls, and US Unemployment data, will keep traders on edge, influencing gold’s movement further," said Trivedi.

Meanwhile, Goldman Sachs, UBS and BofA have raised their price targets for gold. Just last month, Goldman Sachs had raised its gold price estimates (for this year) to $3,300 per ounce, from $3,100 level mark earlier.