US President Donald Trump has announced a new tariff of 25 percent on all steel and aluminum imports into the US. After this, the precious metal crossed the record level of $ 2900 per ounce in the spot markets globally. Heavy buying by jewelers and retailers also increased the prices. Let’s know the full details.
The trend of strong rise in gold prices continues. According to the All India Sarafa Association, gold prices in the national capital on Monday rose by Rs 2,430 to a new all-time high of Rs 88,500 per 10 grams.
US President Donald Trump has announced a new tariff of 25 percent on all steel and aluminum imports to the US. After this, the precious metal crossed the record level of $ 2,900 per ounce in spot markets globally. Heavy buying by jewelers and retailers also led to a rise in prices.
Last week, 24 carat gold closed at Rs 86,070 per 10 grams. In local markets, 22 carat gold rose by Rs 2,430 to a record level of Rs 88,100 per 10 grams. Silver prices rose by Rs 1,000 to Rs 97,500 per kg.
Experts say that now investors are giving preference to safe havens amid rising global uncertainty. The price of gold contracts for April delivery in futures trading on MCX rose by Rs 940 to a new all-time high of Rs 85,828 per 10 grams.
What is the expert’s opinion on gold
Jatin Trivedi, VP Research Analyst- Commodity & Currency, LKP Securities, said, “Trump has talked about imposing metal import tariffs. This has increased the possibility of deepening the trade war. There is no clear indication on which tariff countries Trump will impose tariffs on and which ones he will not. Due to this, investors have started buying gold.”
The subsequent contract for June delivery rose by Rs 1,015 or 1.18 per cent to a new peak of Rs 86,636 per 10 grams. Silver futures for March delivery on the Multi Commodity Exchange (MCX) rose by Rs 632 to Rs 95,965 per kg. Globally, Comex gold futures rose by $45.09 an ounce or 1.56 per cent to a record high of $2,932.69 an ounce. Meanwhile, spot gold crossed the psychological mark of $2,900 in global markets.
Saumil Gandhi, Senior Analyst, Commodities at HDFC Securities, said, “Gold reached a new record high on Monday as investment in gold increased in response to President Trump’s new announcement.” According to a report by Dutch multinational ING Bank, gold has already reached new record highs this year. Tariff concerns have raised the risk of high inflation and slow economic growth. This is increasing investment in metals considered safe. It said that the prices of the precious metal will reach more record highs this year.
