Gold hits all-time high of Rs 1.02 lakh amid US tariffs

Gold prices rallied Rs 3,600 to hit a record high of Rs 1,02,620 per 10 gm in the Capital on Thursday as investors turned to safe-haven assets after the US administration announced a 25 per cent additional tariff on Indian imports.

According to the All India Sarafa Association, the precious metal of 99.9 per cent purity had closed at Rs 99,020 per 10 gm on Wednesday. In the Capital, gold of 99.5 per cent purity rallied by Rs 3,600 to hit a lifetime high of Rs 1,02,200 per 10 gm (inclusive of all taxes) on Thursday. It had settled at Rs 98,600 per 10 gm in the previous market close.

“Gold prices have risen to the upper end of the weekly range on Thursday, driven by renewed trade concerns that have increased demand for traditional safe-haven assets. Additionally, the US administration imposed an additional 25 per cent tariff on Indian imports, intensifying the trade tensions between the two economies,” Saumil Gandhi, senior analyst, commodities at HDFC Securities, said. Also, silver prices jumped Rs 1,500 to Rs 1,14,000 per kg (inclusive of all taxes) on Thursday. The white metal had ended at Rs 1,12,500 per kg on Wednesday, according to the association.

On the MCX, the most traded precious metal futures for October contracts climbed Rs 893 or 0.88 per cent to hit a fresh peak of Rs 1,02,155 per 10 gm, during the day. Subsequently, the December contracts appreciated by Rs 880 or 0.86 per cent to hit a lifetime high of Rs 1,03,047 per 10 gm on the bourse.

In addition, silver contracts for September delivery increased Rs 1,503 or 1.32 per cent to Rs 1,15,158 per kg on the Multi Commodity Exchange (MCX). Meanwhile, spot gold rose by $9.76 or 0.29 per cent to $3,379.15 per ounce in New York.