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Informist, Thursday, Mar. 20, 2025

--COMEX April gold contract hits fresh record high of $3,065.2 per oz 

--MCX April gold contract hits fresh record high of INR 89,796 per 10 gm 

MUMBAI – Gold prices continued their rally and hit new highs on the Multi Commodity Exchange of India and COMEX as the ongoing geopolitical tensions boosted the precious metal's safe-haven demand, analysts said. 

"Gold touched fresh highs of over $3,065 as geopolitical tensions persist, with ongoing Russia-Ukraine hostilities and escalating Middle East (West Asia) conflicts. Market attention now shifts to US unemployment claims, the Philly Fed Manufacturing Index, and existing home sales data," Kotak Securities said in a note.

At 1328 IST, the most-active April gold contract on the MCX was up 0.2% at INR 88,759 per 10 grams, after hitting a fresh lifetime high of INR 89,796 per 10 gm. The most active April gold contract on COMEX was up 0.3% at $3,050.6 per ounce. The contract hit a fresh lifetime high of $3,065.2 per ounce earlier in the day. 

Moreover, the US Federal Reserve left the interest rates unchanged at 4.25-4.50%, in line with market expectations, which also supported gold prices. The US Fed also projected slower economic growth and higher inflation this year, which highlights instability amid US trade policies. The Fed's preferred inflation gauge is expected to be at 2.8% in Oct-Dec, 30 bps higher than prior projections, and remain above 2% even by the end of 2026.

"The ongoing tariff threats by Trump is expected to play a dampener for growth. In terms of gold, it is currently in a bullish phase, having the potential to scale new levels. We reiterate our view of gold touching $3,100 (per ounce) globally and INR 91,000 (per 10 gm) domestically," Colin Shah, managing director, Kama Jewelry, said in a note. 

Meanwhile, gold reserves with the Bank of England have depleted 2% as traders are shifting gold from London to New York amid fears of potential US tariffs under the Trump's administrations, which also supported the precious metal's rally, Kedia Advisory said in a note.  End

US$1 = INR 86.37

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Reported by J. Navya Sruthi

Edited by Akul Nishant Akhoury

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