Gold and Silver Prices Today: Gold rises to Rs 1,14,400 on MCX, Silver nears Rs 1,14,500; Check city-wise rates

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Gold prices rose sharply on Thursday amid heightened safe-haven demand after US President Donald Trump announced a 25% additional tariff on Indian imports, further escalating trade tensions between the two nations.

On the Multi Commodity Exchange (MCX), gold climbed to Rs 1,14,400 per 10 grams, gaining Rs 237 or 0.23%, while silver futures edged up by Rs 808 or 0.71% to settle at Rs 1,14,500 per kilogram.

In the international market, spot gold rose by 0.3% to $3,378.18 per ounce, and US gold futures jumped 0.4% to $3,445.60. Analysts attributed the uptick to renewed investor interest in safe-haven assets following Trump’s aggressive trade stance.

“Trump has been dishing up fresh tariff threats which is keeping gold in the frame as a defensive play for investors,” said Tim Waterer, Chief Market Analyst at KCM Trade.

The US President's latest move involves slapping a 25% tariff on Indian goods, citing New Delhi's continued oil trade with Russia. These tariffs will be effective 21 days after August 7 and could push duties on some Indian exports to as high as 50%—one of the steepest for any US trading partner.

Trump also announced a 100% tariff on semiconductor imports, though US.-based or committed manufacturers will be exempt.

Adding further support to gold, the US dollar index slipped to a more than one-week low following weaker-than-expected U.S. jobs data. The probability of a rate cut by the Federal Reserve in September is now pegged at 95%, according to the CME FedWatch Tool.

Gold typically benefits from lower interest rates as it reduces the opportunity cost of holding non-yielding assets. With political and economic uncertainty on the rise, the metal is nearing the key psychological level of $3,400 per ounce, with potential to test resistance at $3,454–3,509 in the coming sessions.

Spot silver also gained 0.5% to $38.04 per ounce, while platinum slipped 0.4% to $1,328.77, and palladium advanced 1.3% to $1,146.80.

Domestic market outlook

According to Manoj Jain, Director and Head of Commodity & Currency Research at Prithvi Finmart:

“Gold and silver prices remained volatile amid US tariff uncertainty and weakness in the dollar index. Safe-haven buying is likely to support prices further.”

Gold October futures on MCX settled at Rs 1,01,262 per 10 grams, down 0.07%

Silver September futures settled at Rs 1,13,655 per kilogram, up 0.13%

Jain suggests holding long positions in silver with a buying range of Rs 1,13,000–1,12,500, a stop loss at Rs 1,11,800, and a target of Rs 1,14,200–1,15,500.

Currency market reaction

The dollar index ended at 98.015, down 0.54%, pressured by concerns over escalating tariffs. The USD-INR 26 August futures also declined slightly by 0.05% to close at 87.8300.

While the Reserve Bank of India kept rates unchanged, weakness in domestic equities and rising trade tensions are expected to keep the rupee volatile, with a likely range of 86.4000–88.5000 this week.