Gold Demand
MCX, COMEX Apr gold contracts hit fresh lifetime highs on safe-haven demand
This story was originally published at 13:35 IST on 18 March 2025
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--MCX Apr gold contract hits record high of INR 88,513 per 10 gm
--COMEX Apr gold contract hits record high of $3,028.3 per oz
MUMBAI – Gold contracts on the Multi Commodity Exchange of India and COMEX hit fresh lifetime highs Tuesday as heightened geopolitical tensions in West Asia and global economic uncertainties fuelled the safe-haven appeal of the yellow metal. Gold buying by China's central bank for the fourth consecutive month also lifted sentiment and supported gold prices.
US President Donald Trump ordered attacks against the Houthis in Yemen over the weekend, after the US-designated terrorist group said it would resume attacks on ships transiting the Red Sea near the Yemeni coastline. Trump warned that he would hold Iran responsible for any attacks by the Houthi group. Meanwhile, the Israel military reported strikes on Hamas targets near Gaza.
"With economic uncertainties mounting, investor appetite for gold as a safe haven soared. Geopolitical risks also contributed to gold's surge," Kaynat Chainwala, AVP-commodity research, Kotak Securities, said in an emailed note.
The People's Bank of China added another 5 tonnes of gold to its reserves in February, the fourth consecutive month of gold purchase. As of February-end, gold reserves with the Chinese central bank climbed to 2,290 tonnes, the highest on record, accounting for 5.9% of the total foreign exchange reserves. Market participants will be closely watching the US Federal Open Market Committee's policy meeting outcome early Thursday for further cues on the US interest-rate trajectory.
At 1315 IST, the most-active April gold contract on the MCX was up 0.5% at INR 88,480 per 10 grams, after hitting a fresh lifetime high of INR 88,513 per 10 gm. The most active April gold contract on COMEX was up 0.7% at $3,026.6 per ounce. The contract had hit a fresh lifetime high of $3,028.3 per ounce earlier in the day. End
US$1 = INR 86.61
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Ashutosh Pati
Edited by Tanima Banerjee
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