COMEX gold hits new record high of $3,174/oz ahead of US tariff announcement
This story was originally published at 09:10 IST on 1 April 2025
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--COMEX June gold contract hits fresh all-time high of $3,174 per ounce
MUMBAI – Futures of gold on COMEX hit a new all-time high on Tuesday due to higher safe-haven demand amid escalating geopolitical and global trade war tensions. US President Donald Trump is expected to announce a substantial tariff plan on Wednesday, which he refers to as "Liberation Day", with automobile tariffs following on Thursday, and these have given rise to inflation concerns.
Trump's comments on Sunday increased the chances that tariffs could be universal, instead of on the 10 or 15 countries indicated by US Treasury Secretary Scott Bessent earlier, FX Street said. "You'd start with all countries. So let's see what happens," the report quoted Trump as saying.
At 0850 IST, the most-active June gold contract on COMEX was at $3,172.5 per ounce, up 1% from the previous close. The contract hit a fresh lifetime high of $3,174 per ounce earlier in the day.
Geopolitical tensions have also supported gold prices, Kedia Advisory said in a note. On Sunday, Trump expressed frustration with Russian President Vladimir Putin and warned of secondary tariffs of 25-50% on buyers of Russian oil if Moscow obstructs his efforts to end the war in Ukraine, it said. These economic and political uncertainties continue to push investors toward gold as a hedge against risk.
Goldman Sachs on Wednesday raised its 2025-end gold price forecast to $3,300 per ounce from $3,100 per ounce, with a target range of $3,250 to $3,520 per ounce, media reports said. The investment bank cited stronger than expected inflows into exchange-traded funds and sustained demand from central banks as key factors behind the revised outlook. End
US$1 = INR 85.47
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Shreya Shetty
Edited by Avishek Dutta
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