Jobaaj Stories
Gold Hits All-Time High of ₹95,435 as Trade Tensions Rise
Gold prices in India reached a new record on Wednesday, trading at ₹95,435 per 10 grams on the Multi Commodity Exchange (MCX). This marks a sharp rise of ₹1,579 or 1.69% in a single day.
The yellow metal opened the day at ₹94,573 before quickly jumping to its highest-ever level, reflecting growing nervousness in global markets.
Global Gold Prices Also Hit New Peaks
Gold wasn’t just rising in India. On the New York-based COMEX (Commodities Exchange Inc.), June gold contracts surged by 2.9% to touch $3,334.2 per ounce, the biggest single-day gain this week.
According to the India Bullion and Jewellers Association (IBJA), spot gold was quoted at ₹95,280 per 10 grams by 3:30 p.m. Meanwhile, the World Gold Council reported global spot prices at $3,304.07 per ounce.
What’s Driving the Spike?
Market analysts say the rising gold prices are a result of increased fears over a trade war between the US and China. The concern was triggered after US President Donald Trump threatened new tariffs of up to 245% on Chinese imports.
Kaynat Chainwala, Assistant Vice President of Commodity Research at Kotak Securities, explained that investors are seeking safer assets like gold due to the growing uncertainty.
“Trump’s trade policies have created global jitters. As a result, gold is becoming a safe haven again,” she said.
All Eyes on the US Fed and Retail Data
Investors are now waiting for more signals from the Federal Reserve, as US retail sales data and a speech by Fed Chair Jerome Powell are scheduled for later today.
These updates could shape the Fed’s next interest rate decision — a factor that heavily influences gold prices worldwide.
More Uncertainty Ahead?
Adding to the global uncertainty, reports suggest that Trump may introduce new trade measures:
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Possible exemptions on automobile tariffs
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National security investigations into pharmaceutical and semiconductor imports
These moves are expected to increase volatility in the markets, potentially supporting further gains in gold prices.
