COMEX gold scales fresh all-time high on safe-haven appeal, weak dollar
This story was originally published at 17:10 IST on 27 March 2025
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--COMEX June gold contract hits record high of $3,095 per ounce
MUMBAI – Gold futures contracts on the COMEX scaled lifetime highs Thursday as fresh tariffs by the US raised concerns about a potential global trade war, boosting the safe-haven appeal of the precious metal. The dollar index retreated from a three-week high, further supporting prices.
US President Donald Trump Wednesday announced fresh 25% tariff on imported cars and car parts into the US. Trump said the latest tariffs would come into effect on Apr. 3. "What we're going to be doing is a 25% tariff for all cars that are not made in the United States," Trump said at an event in the Oval Office.
At 1632 IST, the most active June gold contract on COMEX was at $3,092.1 per ounce. The contract hit a fresh lifetime high of $3,095 per ounce earlier in the day. "Trump's imposition of a 25% tariff on auto imports fueled safe-haven demand, despite his later indication of 'lenient' reciprocal duties," Kotak Securities said in a report.
Moreover, Trump said that larger tariffs can be imposed on the European Union and Canada if both territories work together to do economic harm to the US. "If the European Union works with Canada in order to do economic harm to the USA, large scale Tariffs, far larger than currently planned, will be placed on them both in order to protect the best friend that each of those two countries has ever had," Trump said in a post on Truth Social.
At 1644 IST, the most active June gold contract on the MCX was at INR 89,265 per 10 grams, up 1% from the previous close. The contract had hit all-time high of INR 89,946 per 10 grams on Mar. 20. End
US$1 = INR 85.78
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Ashutosh Pati
Edited by Deepshikha Bhardwaj
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