Synopsis
On April 16, gold prices in India surged to an unprecedented Rs 95,435 per 10 grams on the MCX, driven by escalating trade war concerns and global market trends.Key Takeaways
- Gold hits Rs 95,435 in India.
- Global gold prices also surged
- Trade tensions drive market anxiety
- Investors watch US economic data
- Trump's tariffs raise market uncertainty
New Delhi, April 16 (NationPress) Gold prices have achieved a historic high in India on Wednesday, trading at Rs 95,435 for every 10 grams on the Multi Commodity Exchange (MCX). This represents a significant increase of 1.69 percent or Rs 1,579 during the trading day. The session commenced with gold opening at Rs 94,573 per 10 grams, rapidly advancing to this new peak.
Simultaneously, gold prices have surged in global markets. On the New York-based Commodities Exchange Inc. (COMEX), the June gold contracts reached $3,334.2 per ounce, marking a 2.9 percent rise during the day.
This is noted as the highest single-day increase in gold prices recorded this week.
According to the India Bullion and Jewellers Association (IBJA), spot gold in India was trading at Rs 95,280 per 10 grams around 3:30 p.m.
Meanwhile, the global spot gold price was reported at $3,304.07 per ounce, as per data from the World Gold Council.
Experts attribute this sharp price increase to concerns regarding a potential escalation in the US-China trade tensions.
US President Donald Trump has threatened to impose tariffs of up to 245 percent on Chinese imports, amplifying market anxieties.
Kaynat Chainwala, Assistant Vice President of Commodity Research at Kotak Securities, noted that COMEX gold reached record levels due to trade war-related concerns.
She mentioned that Trump's recent policy actions are contributing to global investor unease.
Investors are closely monitoring upcoming US retail sales data and a speech by Federal Reserve Chair Jerome Powell, both set for Wednesday.
These events are anticipated to provide clearer insights into future monetary policy decisions, potentially impacting gold price trajectories in the near term.
Additionally, there are reports indicating that Trump may contemplate exemptions on automobile tariffs.
He is also expected to initiate national security investigations into the imports of pharmaceuticals and semiconductors, further heightening market uncertainty.
