Gold Soars to Record High of Rs 95,435 Amid Rising Trade War Concerns

New Delhi(The Uttam Hindu): Gold prices reached an all-time high in India on Wednesday, trading at Rs 95,435 per 10 grams on the Multi Commodity Exchange (MCX). This marked a significant increase of 1.69 percent, or Rs 1,579, from the previous day. Gold opened the day at Rs 94,573 per 10 grams and quickly surged to its new record. Simultaneously, gold prices also surged globally. On the New York-based Commodities Exchange (COMEX), the June gold contracts hit $3,334.2 per ounce, a 2.9 percent rise in intra-day trading.

This marks the highest single-day increase in gold prices observed this week. By 3:30 p.m., spot gold in India was trading at Rs 95,280 per 10 grams, according to the India Bullion and Jewellers Association (IBJA). On the global front, the spot price of gold stood at $3,304.07 per ounce, as per data from the World Gold Council. Experts attribute the sharp rise in gold prices to growing concerns about a possible escalation in the ongoing US-China trade tensions. US President Donald Trump’s threat to impose tariffs of up to 245 percent on Chinese imports has heightened market anxiety.

Kaynat Chainwala, Assistant Vice President of Commodity Research at Kotak Securities, noted that the COMEX gold price reached new record highs amid concerns over the intensifying trade war. She pointed out that Trump’s recent policy moves are contributing to increased global investor uncertainty. Investors are closely monitoring upcoming US retail sales data and a speech by Federal Reserve Chair Jerome Powell, both scheduled for Wednesday. These events are expected to provide more insight into future US monetary policy, which could have a significant impact on gold prices in the near future. Additionally, there are reports suggesting that Trump may consider exemptions for automobile tariffs and is expected to initiate national security investigations into imports of pharmaceuticals and semiconductors, adding to the market’s uncertainty.