Record High
COMEX gold hits fresh lifetime high on safe-haven demand, ETF inflows
This story was originally published at 15:06 IST on 20 February 2025
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--COMEX April gold contract hits fresh all-time high of $2,973/oz
MUMBAI – Gold contracts on the COMEX hit a new lifetime high of $2,973 per ounce Thursday as US President Donald Trump's latest tariff threats boosted the metal's safe-haven demand. Sentiment was also boosted by inflows in gold exchange-traded funds and weakness in the dollar.
Trump on Tuesday proposed to impose a 25% tariff on automobiles, semiconductors and pharmaceutical imports. Demand was also bolstered by an escalation in the geopolitical landscape after Trump called Ukrainian President Volodymyr Zelenskyy a dictator 'without election'.
Gold hit a fresh record as prices were supported by the ongoing momentum and haven demand in response to Trump's increasingly erratic behaviour, Saxo Bank said in a note. "The Fed's cautious stance on rates received little attention as the price continued towards its next big psychological level at $3,000," it said.
On Wednesday, gold holdings with the SPDR Gold Trust, the world's largest gold-backed ETF, rose 8.04 tonnes to 877.98 tonnes, the biggest single day inflow since Jan. 17. The fund has a market value of $82.88 billion. Gold stocks at COMEX warehouses rose 11.67 tonnes to 1,181.41 tonnes as of Feb. 19, the exchange data showed.
At 1436 IST, the dollar index, which measures the strength of the greenback against a basket of major currencies, was down 0.2% at 106.97. A weaker greenback makes dollar-denominated commodities cheaper for those holding other currencies, thus improving demand.
At 1436 IST, the most active April gold contract on COMEX was up 1.2% at $2,971.1 per ounce, slightly lower than the fresh lifetime high of $2,973 hit earlier in the day. End
US$1 = INR 86.64
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Sandeep Sinha
Edited by Tanima Banerjee
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