MCX Gold jumps to record high on Trump’s tariff fears; experts say watch these key levels

Gold rates surged to record highs in the domestic futures market Monday morning as uncertainty surrounding US President Donald Trump’s tariff policies raised the yellow metal’s safe-haven appeal. MCX Gold for April 4 expiry jumped to a record high of ₹85,384 per 10 grams. Around 9:15 AM, MCX Gold for the same contract was 0.51 per cent up at ₹85,325 per 10 grams.International gold prices also traded near a record high as Trump’s decision to impose fresh tariffs raised concerns of a global trade war. Spot gold hit a record high of $2,886.62 last Friday, February 7.According to a Reuters report, Trump said he would announce new 25 per cent tariffs on Monday on all steel and aluminium imports into the US, in addition to the existing metals duties. The report further added that he plans to announce reciprocal tariffs on many countries by Monday or Tuesday next week.Gold prices rise in times of geopolitical uncertainty.Trump’s policies may further raise inflation in the US, which could mean that the US Fed will not cut rates soon.