Gold prices hit fresh lifetime high on safe-haven appeal, trade war fears
This story was originally published at 19:20 IST on 10 February 2025
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--MCX April gold contract hits life high of INR 85,937/10 gm
--COMEX April gold contract hits fresh all-time high of $2,937.7/ounce
--Gold hits new all-time high of INR 85,665/10 gm in Mumbai spot mkt
MUMBAI – Futures contracts of gold hit a fresh lifetime high on the Multi Commodity Exchange of India and COMEX Monday following a fall in stocks at the London Bullion Market Association's vaults as US-China trade tension boosted the appeal of safe-haven assets.
"In precious metals, gold rose to a fresh record high following Trump's new tariff announcement. Gold is already up more than 10% year-to-date, having hit a series of consecutive record highs along the way. Tariff concerns that risk higher inflation and slower economic growth are spurring demand for safe haven assets like gold," ING Think said in a note.
Gold stocks held in the London Bullion Market Association's vaults fell by 1.7% on month, or 151 tonnes, to 8,535 tonnes in January, the association said Friday. The value of gold held was $771.6 billion, equating to approximately 682,772 gold bars, it said.
The price of 24-carat gold in Mumbai's spot market hit a lifetime high of INR 85,665 per 10 grams, plus 3% goods and services tax. The price of 22-carat gold was INR 78,469 per 10 grams, and that of 18-carat gold was INR 64,249 per 10 grams.
At 1855 IST, the most active April gold contract on the MCX was up 1% at INR 85,860 per 10 grams, after hitting a fresh lifetime high of INR 85,937 per 10 gm. The most active April gold contract on COMEX was up 1.5% at $2,932.2 per ounce. The contract hit a new lifetime high of $2,934.1 per ounce earlier Monday. End
US$1 = INR 87.47
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by J. Navya Sruthi and Sandeep Sinha
Edited by Rajeev Pai
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