Gold Surges to Lifetime High of ₹88,500 per 10g Amid Trump’s Tariff Threats
New Delhi: Gold prices soared by ₹2,430 to reach an all-time high of ₹88,500 per 10 grams in the national capital on Monday, driven by strong global trends and a weak rupee, according to the All India Sarafa Association.
The surge came as global spot gold prices breached the $2,900 per ounce mark following an announcement by U.S. President Donald Trump of fresh 25% tariffs on all steel and aluminum imports to the U.S. This development triggered increased buying by jewellers and retailers, further pushing domestic prices upward.
Gold of 99.9% purity had closed at ₹86,070 per 10 grams last week, while gold of 99.5% purity also jumped ₹2,430 to a record ₹88,100 per 10 grams in the local markets.
Silver prices followed suit, rising ₹1,000 to ₹97,500 per kg.
Market analysts noted that investors are shifting away from riskier assets like stocks in favor of gold amid growing global economic uncertainties. On the Multi Commodity Exchange (MCX), gold futures for April delivery surged ₹940 to an all-time high of ₹85,828 per 10 grams, while silver futures for March delivery climbed ₹632 to ₹95,965 per kg.
In global markets, Comex gold futures appreciated by $45.09 per ounce (1.56%) to a record $2,932.69 per ounce. Spot gold also crossed the key $2,900-mark.
“Gold climbed to a new record high on Monday as fund flow increased towards the safe-haven asset in response to President Trump’s latest declaration,” said Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities.
A report by Dutch multinational ING Bank highlighted that gold has been hitting a series of record highs this year, driven by concerns over rising inflation and slower economic growth due to trade tensions. The report further predicted that gold prices could touch $3,000 per ounce in the near future.
