Last Updated:
In the futures market, gold was up by 1.76 per cent to Rs 98,991 per 10 grams on Tuesday morning, while silver was higher by 0.62 per cent to Rs 95,840 per kg on the MCX.
Gold has hits fresh record high.
Gold prices on Tuesday hit the psychological mark of Rs 1 lakh per 10 grams as the international bullion prices continue their record rally, amid concerns over US President Donald Trump’s criticism of Fed Chair Jerome Powell dampening risk sentiment and driving investors toward the safe-haven. In India, gold prices, including a 3 per cent GST, has hit Rs 1,00,116.
In the futures market, gold was up by 1.76 per cent to Rs 98,991 per 10 grams on Tuesday morning, while silver was higher by 0.62 per cent to Rs 95,840 per kg on the MCX. After including 3 per cent GST, the gold prices stand at Rs 1,01,960 per 10 grams and silver is at Rs 98,715 per kg.
Though MCX indicates a futures contract price, many local traders refer to it for selling and buying gold.
“Gold and silver showed very high price volatility amid uncertainty in the global markets. The dollar index slipped to 3-year lows after the US President and Fed Chairman’s tussle over interest rate cuts. Instability in the US dollar increased safe-haven bid for gold. The US-China trade war is also increased safe-haven demand for gold. Silver prices also gained in the early trading session but due to profit taking in the industrial metals prices off day highs,” said Rahul Kalantri, vice-president (commodities) of Mehta Equities Ltd.
In the international market, gold prices also crossed $3,400 per troy ounce levels for the first time.
Uncertainty in the global financial markets and escalating US-China trade war continue to support prices of precious metals, he added.
Spot gold was up 1.4% at $3,472.49 an ounce, as of 0247 GMT, after touching a record high of $3,473.03 per ounce earlier in the session.
US gold futures firmed 1.7% to $3,482.40.
“Investors have been giving a wide berth to US assets amid tariff worries and Trump-Powell dramas, which has kept gold in prime position to capitalise on the dollar’s woes,” said Tim Waterer, chief market analyst at KCM Trade.
Trump reiterated his call for an immediate reduction in interest rates on Monday, warning that the US economy could face a slowdown, while criticizing Powell’s stance to keep rates unchanged until clarity on the inflation impact of Trump’s tariff plans.
