On July 14, 2025, gold prices in India surged as investors rushed to safe-haven assets amid fears triggered by former US President Donald Trump’s new tariff threats. MCX Gold August 5 contracts traded at ₹98,071 per 10 grams, while MCX Silver September 5 contracts hit a fresh record high of ₹1,14,875 per kg. The market rally comes after Trump’s announcement of a 30% tariff on imports from Mexico and the EU. Uncertainty around global trade, coupled with US inflation data due this week, continues to support the upward trend in gold.
Gold prices in India climbed sharply on July 14 after former US President Donald Trump’s aggressive tariff announcements renewed global trade fears, pushing investors towards safe-haven assets.
On the Multi Commodity Exchange (MCX), August 5 gold contracts rose 0.26% to ₹98,071 per 10 grams by 11:30 AM. At the same time, MCX Silver September 5 contracts surged 1.5% to ₹1,14,709 per kg, hitting a new record high of ₹1,14,875 earlier in the session.
The market reaction follows Trump’s declaration on July 13 that the US would impose a 30% tariff on imports from Mexico and the European Union, effective from August 1, 2025. This adds to a growing list of at least 22 countries facing new US tariff rules, with Brazil being the most affected at a 50% rate.
As the tariff-driven uncertainty weighs heavily on global markets, analysts say gold’s appeal as a secure asset is rising. Negotiations with India are ongoing, raising hopes of a bilateral trade resolution before the August 1 deadline.
The India Bullion and Jewellers Association (IBJA) noted the correlation between gold’s rise and global instability. Aksha Kamboj, Vice President at IBJA and Executive Chairperson of Aspect Global Ventures, said,
“Risk assets are under pressure, and investors are fleeing to gold. The trade war escalation is making gold a preferred asset again.”
Alongside the tariff headlines, upcoming US inflation data and tensions between Trump and US Federal Reserve Chair Jerome Powell—who is reportedly considering resignation—are expected to further influence gold sentiment. Trump recently stated,
“I hope he quits… He has been very bad for this country.”
Technical analysts are currently bullish. Manoj Kumar Jain, of Prithvifinmart Commodity Research, suggests buying gold at ₹97,500 with a stop loss at ₹97,080 and a target of ₹98,600. He identified resistance at ₹98,280–98,850 and support at ₹97,000.
Rahul Kalantri, VP of commodities at Mehta Equities, echoed similar sentiment, indicating gold support at ₹97,390–97,080 and resistance at ₹98,110–98,380.
Silver is also in focus, with strong support at ₹1,11,850–1,10,500 and resistance at ₹1,14,000–1,16,500.
As the world closely watches further moves from the US and responses from affected nations, India’s bullion market remains volatile, yet opportunistic for short-term gains.
