COMEX gold prices hit new all-time high of $3,123.6/oz on safe-haven demand
This story was originally published at 13:24 IST on 28 March 2025
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--COMEX June gold contract hits fresh all-time high of $3,123.6 per ounce
MUMBAI - Futures contracts of gold hit a new all-time high on the COMEX Friday due to rising safe-haven demand driven by economic and geopolitical factors. The new tariff measures announced by the US President Donald Trump also supported prices of the precious metal.
At 1244 IST, the most-active June gold contract on COMEX was at $3,122.6 per ounce, up 1% from the previous close. The contract hit a fresh lifetime high of $3,123.6 per ounce earlier in the day. "The new tariff measures announced by US President Trump stand out, as they have created uncertainty in international markets. This protectionist stance has boosted trade tensions and spurred investors to seek refuge in safe-haven assets like gold," Dow Jones quoted XS.com's Antonio Di Giacomo as saying.
US President Donald Trump Wednesday announced fresh 25% tariff on cars and car parts imported into the US. Trump said these 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.
"These trade measures have intensified market uncertainty, prompting investors to seek refuge in gold. Traders are now closely watching Friday's US personal consumption expenditures data, a key inflation gauge, to gain insight into the Federal Reserve's potential rate-cut trajectory," Kedia Advisory said in a note.
Goldman Sachs on Wednesday raised its end-2025 gold price forecast to $3,300 per ounce from $3,100, with a target range of $3,250 to $3,520 per ounce, media reports said. The investment bank cited stronger-than-expected exchange-traded fund inflows and sustained central bank demand as key factors behind the revised outlook.
Meanwhile, prices of silver hit a new all-time high on the Multi Commodity Exchange of India taking cues from gold prices. This rally in silver prices was also supported by the tariff war, and increasing deliveries of silver in COMEX, Ajay Kedia, director of Kedia Advisory said. Silver prices were also supported by rising inflows into exchange traded funds. The gold-silver ratio is also at 90 which is making silver attractive to consumer, Kedia added.
At 1306 IST, the most-active May silver contract on MCX was at INR 101,746 per kg, up 0.4% from the previous close. The contract hit a fresh lifetime high of INR 102,040 per kg earlier in the day. End
US$1 = INR 85.52
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by J. Navya Sruthi
Edited by Vandana Hingorani
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