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As of 03:40 GMT, spot gold rose 0.5% to $2,996.6 an ounce, while US gold futures surged 1.3% to $3,010.70 an ounce.
In India, 24-carat gold was priced at ₹87,600 per 10 grams, according to the Indian Bullion Association.
Why gold is rising again
The rebound comes after US President Donald Trump escalated tariff threats against China.
Simultaneously, the European Union is weighing retaliatory duties, further stoking fears of a prolonged global trade war.
“The escalation of the trade war could trigger a global recession, and that is driving safe-haven demand,” said Jigar Trivedi, Senior Analyst at Reliance Securities. “Despite recent corrections, the bullish undertone in gold remains intact.”
Gold, widely viewed as a hedge during financial and political instability, had touched a record high of $3,167.57 per ounce on April 3.
Indian market view
In the Indian market, gold continues to ride global sentiment.
According to Rahul Kalantri, VP Commodities at Mehta Equities, gold found strong support around ₹86,760-86,350 per 10 grams, with resistance at ₹87,610-88,190 per 10 grams.
“The bullion market is reacting to global cues and a strengthening dollar,” Kalantri added.
What’s ahead for gold?
Investors are now watching key US economic cues. The Federal Reserve’s meeting minutes, due Wednesday (April 9), along with US inflation data (CPI on Thursday; April 10 and PPI on Friday; April 11), will be crucial in determining future interest rate moves.
Markets currently expect the Fed to cut rates by 93 basis points by December, which could further boost gold prices.
Outlook for investors
Gold’s recent drop is being viewed as a healthy correction in a broader uptrend.
Trade tensions, potential Fed rate cuts, and geopolitical risks continue to support its long-term appeal.
Experts suggest investors to stay watchful. Dips are buying opportunities in the current environment, they say.
–With Reuters inputs
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