Gold prices surged to a new all-time high of ₹85,680 per 10 grams in futures trading on Monday, following strong global trends. The Multi Commodity Exchange saw gold contracts for April delivery reaching a record high of ₹85,680 per 10 grams at the start of the trading session. Later, the contract slightly pulled back its gains to trade at ₹85,674 per 10 grams, up ₹786 or 0.93%, with an open interest of 17,497 lots.
Analysts attribute the continued rise in gold prices to escalating trade tensions between the US and China, leading investors to seek safety in the precious metal. Manav Modi, Analyst – Commodity Research at MOFSL, noted that US President Donald Trump’s initiation of a trade war by imposing new tariffs on China has driven up demand for gold. Trump did, however, grant Mexico and Canada a one-month reprieve from the new duties.
Global gold futures also saw a significant increase, jumping 1.13% to hit a new all-time high of $2,921.91 per ounce in New York. The ongoing trade tensions between the US and China have fueled this upward trend in gold prices.
The article was originally published on February 10, 2025.
