Gold rate today: Precious metal hits fresh peak to ₹89,450 per 10 gm, silver above ₹1 lakh | Stock Market News
Source: Live Mint
Gold prices reached a new peak of ₹89,450 per 10 grams in the national capital on Thursday, rising by ₹50 amid strong global trends, as per the All India Sarafa Association. Silver prices rose by ₹700 to reach ₹1,00,300 per kilogram, up from ₹99,600 per kilogram at the previous market close.
On Wednesday, the price of 99.9 per cent pure gold settled at ₹89,400 per 10 grams. Meanwhile, gold with 99.5 per cent purity rose by ₹50, reaching a record high of ₹89,050 per 10 grams.
“Gold hit fresh record highs on Thursday as the news flow regarding Trump’s tariff policy continues to attract safe haven flow towards gold and also to prevent investors from profit-taking in gold. The news fuelled market fears that Trump’s trade tariffs policy could spark a global trade war, boosting safe-haven gold prices,” Saumil Gandhi, Senior Analyst — Commodities at HDFC Securities, was quoted as saying by PTI.
What’s behind the surge in metals?
On Wednesday, President Trump announced plans to implement tariffs on timber, automobiles, semiconductors, and pharmaceuticals within the next month or possibly sooner.
Meanwhile, in MCX futures trading, gold contracts for April delivery surged by ₹500, reaching ₹86,410 per 10 grams.
Experts attribute the rise in yellow metal futures to reports suggesting that President Trump expressed optimism about a potential trade agreement with China.
Geopolitical concerns escalated after Trump claimed that Ukraine was responsible for initiating the conflict with Russia and suggested that it was time for the U.S. to be reimbursed for its financial aid.
Additionally, the minutes from the Federal Reserve’s January policy meeting, released on Wednesday, had minimal impact on bullion prices in global markets.
However, some members of the Federal Open Market Committee supported maintaining steady interest rates, emphasizing that there was no urgency for rate cuts, experts noted.
“Gold traded positively with a gain in MCX. A weaker dollar index has further aided gold’s upward momentum, while ongoing tariff adjustments from the US continue to fuel uncertainty, keeping demand for gold high,” said Jateen Trivedi, VP Research Analyst of Commodity and Currency, LKP Securities.
