Gold April futures contracts on the MCX opened significantly higher on Monday, reaching a new all-time high of Rs 85,300 per 10 grams, up by 0.48% or Rs 412. This surge followed concerns over US President Donald Trump’s plans to impose a 25% tariff on steel imports and reciprocal tariffs on various countries.
Meanwhile, silver March futures contracts were trading at Rs 95,413/kg, up by 0.08% or Rs 80.
Gold prices firmed on Monday, hovering near the record high set in the previous session, as investors sought refuge in the safe-haven asset after Trump’s decision to impose fresh tariffs raised concerns of a global trade war.
Over the weekend, Trump announced that he would impose new 25% tariffs on all steel and aluminum imports into the US on Monday, adding to existing metal duties in a significant escalation of his trade policy overhaul. He also stated that he plans to introduce reciprocal tariffs on multiple countries by Monday or Tuesday of next week.
Trump also said he plans to announce reciprocal tariffs on many countries by Monday or Tuesday of next week.
Gold is considered a safe investment during economic and financial turmoil, but higher interest rates reduce the non-yielding asset’s appeal.Federal Reserve officials said on Friday that the US job market is solid and noted the lack of clarity over how Trump’s policies will affect economic growth and still-elevated inflation, underscoring their no-rush approach to interest rate cuts.On the geopolitical front, Trump said he believed the US was making progress in its talks to end the war between Russia and Ukraine, but declined to provide details about any communications he had with Russian President Vladimir Putin.
Today, the US Dollar Index, DXY, was hovering near the 108.41 mark, gaining 0.37 or 0.34%.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 57,912/8 grams while pure gold (24 carat) prices stand at Rs 61,744/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 57,952/8 grams while pure gold (24 carat) prices stand at Rs 61,800/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 56,656/8 grams while pure gold (24 carat) prices stand at Rs 60,384/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 56,968/8 grams while pure gold (24 carat) prices stand at Rs 60,720/8 grams.
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