MCX gold hits fresh all-time high of INR 91,400/10 gm on safe-haven demand
This story was originally published at 14:06 IST on 1 April 2025
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--MCX June gold contract hits fresh lifetime high of INR 91,400 per 10 gm
MUMBAI – Gold contracts on the Multi Commodity Exchange of India scaled a fresh lifetime high Tuesday, taking cues from the COMEX, as concern over a potential global trade war boosted the precious metal's safe-haven appeal.
The reciprocal tariffs announced by US President Donald Trump is set to take effect from Wednesday, which he refers to as "Liberation Day", with automobile tariffs following on Thursday. Trump has said that higher tariffs could be imposed on the European Union and Canada if they work together to pose economic harm to the US. "Investors are becoming increasingly concerned about the impact of Trump's reciprocal tariffs on the global economy after Europe and Canada threatened to join forces to combat the US tariffs..., Daniel Hynes, senior commodity strategist at ANZ Research said in a note.
At 1323 IST, the most-active June gold contract on MCX was at INR 90,960 per 10 grams, up 0.3% from the previous close. The contract hit a fresh lifetime high of INR 91,400 per 10 grams earlier in the day. "President Trump's unpredictable trade policy has been the key driver for gold so far in 2025. We see uncertainty over trade and tariffs continuing to buoy gold prices," analysts at ING Economics said in a report.
Moreover, rising geopolitical tensions have also supported prices of the yellow metal. On Sunday, Trump told NBC News that he was very angry with Russian President Vladimir Putin and would impose secondary tariffs of 25% to 50% on Russian oil buyers if Moscow tried to block efforts to end the war in Ukraine, Reuters reported. Trump also threatened Iran with similar tariffs and bombings if Tehran did not reach an agreement with the White House over its nuclear programme, according to the report. End
US$1 = INR 85.47
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Ashutosh Pati
Edited by Akul Nishant Akhoury
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