Spot gold opens higher as Trump announces new tariff on 8 European nations
This story was originally published at 14:20 IST on 19 January 2026
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MUMBAI – Spot gold prices opened higher, tracking the record high prices in futures contacts on the Multi Commodity Exchange of India and the COMEX due to rising safe-haven demand amid geopolitical tensions, after US President Donald Trump announced new tariffs on eight European nations over his push to acquire Greenland.
In the Mumbai spot market, prices of gold of 99.9% purity was INR 143,978 per 10 grams, higher from INR 141,717 per 10 grams Friday, said Kumar Jain, spokesperson for the India Bullion and Jewellers Association.
The physical demand showed mixed trends. Indian retail buying remained subdued due to elevated prices, with dealers offering discounts of up to $12 per ounce, Kedia Advisory said in a note.
In a post on Truth Social, Trump announced that 10% tariffs would take effect on Feb. 1 on goods from the affected countries. The tariffs would increase to 25% on Jun. 1 and continue until a deal is reached for the US to acquire Greenland. The countries targeted include France, Germany, the UK, along with several other northern European countries.
"European Union ambassadors reached a broad agreement on Sunday to intensify efforts to dissuade Trump from imposing tariffs on European allies, while also preparing retaliatory measures should the duties go ahead, EU diplomats said," SMC Global Securities said in a report.
"Additionally, political instability in Venezuela, geopolitical tensions in Middle East (west Asia) and concern over Fed independence would continue to support gold prices," ICICI Direct said in a report. End
Reported by Reshma Ravi
Edited by Akul Nishant Akhoury
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