Gold Rate Today: Yellow metal soars by Rs 1500, surges past Rs 96,000 amid global turmoil and weakening dollar | India-Business News – Times of India-OxBig News Network

Gold rate today: Gold prices for June futures on the Multi Commodity Exchange (MCX) witnessed a significant rally on Monday, soaring by Rs 1,500 or 1.4 per cent to reach an all-time high of Rs 96,747 per 10 grams.Silver May futures also followed suit, rising by Rs 693 or 0.73 per cent to settle at Rs 95,730 per kilogram.
The surge comes after a muted performance last Thursday when the domestic market closed. On that day, gold June futures had settled at Rs 95,254 per 10 grams, marking a decline of 0.43 per cent, while silver May futures ended at Rs 95,037 per kilogram, down 1.26 per cent.
Meanwhile, in the international commodity markets, gold prices soared to an unprecedented high of over $3,385 per ounce. This spike was fueled by a confluence of factors including a weakening US dollar, escalating trade tensions between the US and China, and rising concerns over central bank independence, according to Bloomberg.
Investor sentiment was further stirred by US President Donald Trump’s public criticism of the Federal Reserve and consideration of removing Fed Chair Jerome Powell. Trump’s call for interest rate cuts added to market anxiety. Meanwhile, Federal Reserve Bank of Chicago President Austan Goolsbee warned against political interference in the central bank’s autonomy.
Global financial volatility intensified with the US imposing tariffs of up to 245 per cent on Chinese imports, prompting swift retaliatory measures from China. The uncertainty spurred a flight to safe-haven assets like gold and silver.
Additionally, a drop in US jobless claims triggered profit-taking in the commodities market. However, the broader macroeconomic environment—characterized by the US Dollar Index (DXY) falling to 98.36, its lowest since early 2024, and a 25 basis points rate cut by the European Central Bank (ECB)—continued to support precious metal prices.
The week concluded with heightened volatility in bullion markets, underscoring the role of gold and silver as preferred hedges in times of global financial turbulence.
Physical gold market rates in Indian cities