The price of gold reached all -time height so far on Thursday. The price of gold rose by Rs 50 to Rs 89,450 per 10 grams in the national capital. On Wednesday, this precious metal with 99.9 percent purity closed at Rs 89,400 per 10 grams. According to PTI news, gold with 99.5 percent purity rose by Rs 50 to a record level of Rs 89,050 per 10 grams. Here, silver prices also increased by Rs 700 to Rs 1,00,300 per kg, while it was Rs 99,600 per kg at the time of last market closure.
Gold in futures market
According to the news, amidst a strong trend globally, the gold contract for April delivery in futures trading on MCX increased by Rs 500 to Rs 86,410 per 10 grams. Silver futures for March delivery on Multi Commodity Exchange (MCX) rose by Rs 1,224 or 1. 27 percent to Rs 97,630 per kg. Globally, comex gold futures for April delivery increased by $ 81 or 1. 25 percent to 2,972. A new peak of $ 91 an ounce reached.
Trump’s tariff policy effect
Senior analyst (Commodities) of HDFC Securities, Soumil Gandhi said that gold reached a new record level on Thursday, as there are reports about Trump’s tariff policy, causing investors’ trend for safe investment towards gold. And investors are being prevented from making profiteering in gold. President Trump said on Wednesday that he would put tariffs on wood, vehicles, semiconductors and pharmaceuticals next month or before. This news has created fear in the market that Trump’s trade fee policy may promote the global trade war, which will speed up gold prices used as a safe investment.
Geopolitical concerns
Jatin Trivedi, VP research analyst of LKP Securities and currency VP, said that the gold business was positive with an increase in MCX. The weak dollar index has further promoted the rise in gold, while the tariff adjustment running from the US has continued to promote uncertainty, which keeps the demand for gold high. According to experts, yellow metal futures accelerated amid reports of President Trump saying that the trade agreement with China was possible. Geophysical concerns arose when Trump said Ukraine started a conflict with Russia and indicated that the time had come for the US to return all the money given by him.
Latest business news