MCX April gold contract scales fresh lifetime high on safe-haven demand
This story was originally published at 17:24 IST on 13 March 2025
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--MCX April gold contract hits fresh all-time high of INR 86,896 per 10 gm
By Sandeep Sinha
MUMBAI – Futures contracts of gold traded on the Multi Commodity Exchange of India hit an all-time high of INR 86,896 per 10 grams, tracking contracts on the COMEX, driven by rising global trade tensions and safe-haven demand. Fall in US consumer inflation below analysts' expectations, which raised prospects of an interest rate cut by US Federal Reserve, also increased the allure of non-yielding assets such as gold.
Rise in gold stocks at COMEX warehouses by 22.89 tonnes to 1,248.81 tonnes so far this month also showed rising investor interest in the precious metal.
"Fears of a broader global trade war were also supportive for safe haven assets such as gold," Daniel Hynes, senior commodity strategist at ANZ Research, said in a note.
US President Donald Trump Wednesday warned of further taxes on European Union goods, following retaliation by the European Union and Canada against US tariffs. "Market sentiment remains fragile as investors fear that escalating trade tensions could deepen economic uncertainty and potentially tip the US into a recession," Daria Efanova, head of research at Sucden Financial, said in a report.
The US consumer price index rose 2.8% on year in February, compared with a rise of 3.0% in January, according to the US Bureau of Labor Statistics data on Wednesday. The index was lower than analysts' expectation of 2.9%.
At 1701 IST, the most-active April gold contract on the MCX was up 0.2% at INR 86,864 per 10 grams, after hitting an all-time high of INR 86,896. The most-active April gold contract on COMEX was up 0.2% at $2,855.90 per ounce. End
US$1 = INR 86.99
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Ashish Shirke
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