Record High
COMEX, MCX gold hits new record high; US, Mexico agree to pause new tariff
This story was originally published at 21:57 IST on 3 February 2025
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--MCX Apr gold contract hits fresh all-time high of INR 83,721/10 gm
--COMEX Apr gold contract hits fresh all-time high of $2,872/oz
MUMBAI – Futures contracts of gold hit fresh lifetime highs on the Multi Commodity Exchange of India and COMEX on Monday after Mexican President Claudia Sheinbaum Pardo and US President Donald Trump agreed to delay tariff implementation for a month. This led to a sharp sell-off in the dollar index, which made dollar-denominated precious metals attractive for foreign buyers.
At IST 2115, the dollar index was at 108.77, nearly 0.6% lower from its previous close. At 2118 IST, the most-active April gold contract on the MCX was up 1.1% at INR 83,216 per 10 grams, after hitting an all-time high of INR 83,721 per 10 gm. The most-active April gold contract on COMEX was up 0.6% at $2,853.1 per ounce. The contract hit a new lifetime high of $2,872 per ounce earlier Monday.
US President Donald Trump will pause new tariffs on Mexico for one month after Mexico agreed to reinforce its northern border with 10,000 National Guard members to stem the flow of illegal drugs, particularly fentanyl, Reuters reported quoting the US president as saying on social media on Monday.
Mexican President Claudia Sheinbaum said the agreement also includes a US commitment to act to prevent trafficking of high-powered weapons to Mexico. The two leaders spoke by phone on Monday, just hours before US tariffs on Mexico, China and Canada were set to take effect, according to the news agency's report. End
Reported by J. Navya Sruthi and Sandeep Sinha
Edited by Akul Nishant Akhoury
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