Gold Fever: A Glimmering Surge Amid Global Uncertainty
Gold prices surged significantly in futures trading due to strong international market trends and renewed global tariff concerns. The rise followed President Trump's announcement of increased tariffs, impacting trade negotiations between the US and India. Additionally, looming US-Iran tensions added to investor anxiety.
- Country:
- India
Gold prices experienced a remarkable surge, climbing by Rs 2,946 to Rs 1,59,822 per 10 grams in futures trade. This was attributed to strong international market performance and escalating global tariff tensions.
The Multi Commodity Exchange (MCX) saw gold futures for April delivery rally by Rs 2,946, or 1.88%, amid a business turnover of 7,515 lots. On the global stage, the Comex reported gold futures advancing USD 96.61, or 1.9%, to USD 5,177.51 per ounce. According to Jigar Trivedi of Indusind Securities, tariff worries have driven investors towards safe-haven assets like gold.
President Donald Trump's plan to increase global tariffs from 10% to 15% heightened market uncertainty, coinciding with India's delay in trade deal negotiations with the US. The geopolitical landscape further complicated matters with rising US-Iran tensions, yet diplomats are set to meet again in Geneva soon.
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