New Delhi— Gold prices in India surged to a new all-time high on Wednesday, with the precious metal trading at ₹95,435 per 10 grams on the Multi Commodity Exchange (MCX), marking a sharp 1.69% jump—or ₹1,579—in a single day.
The rally began early in the day, with gold opening at ₹94,573 per 10 grams before quickly climbing to the record level.
Global markets mirrored the trend, with June gold futures on the New York-based COMEX soaring to $3,334.20 per ounce—an intraday gain of 2.9%, and the biggest single-day rise so far this week.
According to the India Bullion and Jewellers Association (IBJA), spot gold in India was trading at ₹95,280 per 10 grams around 3:30 p.m., while global spot gold hovered around $3,304.07 per ounce, as per World Gold Council data.
Analysts attribute the spike in gold prices to growing concerns over a potential escalation in U.S.-China trade tensions. President Donald Trump recently threatened to impose tariffs of up to 245% on Chinese imports, stoking investor fears and driving demand for safe-haven assets like gold.
“COMEX gold prices are hitting record highs on the back of renewed trade war fears,” said Kaynat Chainwala, Assistant Vice President of Commodity Research at Kotak Securities. “Trump’s aggressive policy stance has triggered widespread nervousness in global markets.”
Investors are now closely watching U.S. retail sales data and an upcoming speech by Federal Reserve Chair Jerome Powell, both expected later on Wednesday. The outcomes could provide critical insight into future monetary policy and influence gold’s trajectory.
Meanwhile, reports suggest that Trump may consider exemptions on auto tariffs, while also preparing national security investigations into imports of pharmaceuticals and semiconductors—further adding to market uncertainty. (Source: IANS)
