At Rs 88K, gold hits all-time high amid US tariff threats

Gold prices zoomed by Rs 2,430 to hit a lifetime high of Rs 88,500 per 10g in the national capital on Monday following firm global trends and a weak rupee, according to the All India Sarafa Association.

The precious metal breached the record USD 2,900 an ounce level in spot markets globally after US President Donald Trump announced imposition of fresh 25 per cent tariffs on all steel and aluminum imports to the US.

Heavy buying by jewellers and retailers also boosted the prices. The precious metal of 99.9 per cent purity had settled at Rs 86,070 per 10g last week.

Gold of 99.5 per cent purity surged by Rs 2,430 to hit a record high of Rs 88,100 per 10g in the local markets.

Silver prices increased Rs 1,000 to Rs 97,500 per kg.

Investors are dumping riskier assets like stocks as they prefer safe haven amid global economic uncertainties, traders said.

In futures trade on the MCX, gold contracts for April delivery rallied Rs 940 to hit a new lifetime high of Rs 85,828 per 10g.

Globally, Comex gold futures appreciated by USD 45.09 per ounce or 1.56 per cent to hit a record high of USD 2,932.69 per ounce.