Business

Gold Prices Hit New Peak; Reaches Rs 86,875 Per 10 Grams

Gold prices surged to a record high as global economic instability pushed investors toward safe-haven assets.

On the Multi Commodity Exchange (MCX), 24-carat gold April futures rose by 0.21% to touch Rs 86,875 per 10 grams on March 13.

Trade tensions and tariff uncertainties are fueling the rise in gold prices.

US President Donald Trump’s recent tariff policies have unsettled markets, prompting investors to shift toward gold.

At the start of this month, Trump imposed a 20% tariff on Chinese goods and a 25% tariff on imports from Mexico and Canada.

As a result, international gold prices climbed to $2,945 per ounce. The uncertainty over these trade measures has strengthened demand for gold as a secure investment.

Lower US Inflation Supports Gold Prices

A drop in US inflation is also supporting higher gold prices. Recent data showed inflation at 2.8%, lower than the expected 3%.

Experts believe that lower inflation increases the chances of interest rate cuts, which boosts gold demand.

Jatin Trivedi, a commodity and currency research analyst at LKP Securities, said the inflation figures will likely influence the US Federal Reserve’s interest rate policy.

Meanwhile, strong inflows into gold exchange-traded funds (ETFs) have added to the bullish sentiment.

According to the Indian Bullion Jewellers Association (IBJA), the spot price of 24-carat gold in India stood at Rs 86,670 per 10 grams.

Prices for 22-carat gold were Rs 84,590 per 10 grams, while 20-carat, 18-carat, and 14-carat gold stood at Rs 77,140, Rs 70,200, and Rs 55,900 per 10 grams, respectively.

Experts suggest that ongoing trade tensions and inflation data will continue to drive gold prices in the coming weeks.

Also Read: Markets Decline As Investors Turn Cautious Ahead Of Holi Weekend

Ajaypal Choudhary

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