Gold hits new high, climbs over Rs 95,000 on MCX
There's no looking back for safe-haven gold amid the global trade uncertainties that have emanated from Trump administration's reciprocal tariffs and Chinese counter tariffs.
ANI
Apr 16, 2025 15:07 IST
New Delhi [India], April 16 (ANI): There's no looking back for safe-haven gold amid the global trade uncertainties that have emanated from Trump administration's reciprocal tariffs and Chinese counter tariffs.
Gold prices on Multi Commodity Exchange of India (MCX) touched yet another record high over weak US dollar, and heighted Trump tariffs on China. At the time of filing this report, gold on MCX was at Rs 95,172 per 10 grams, after touching a record high of Rs 95,435.
"Gold prices raced to an all-time high, driven by a weaker dollar, trade war tensions and concerns over global economic growth due to U.S. President Donald Trump's tariff plans which led to safe-haven inflows," said Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial services Ltd.
Gold prices globally have also been hitting fresh highs, surpassing USD 3,300 per ounce.
The latest rise in gold prices internationally is also attributed to strong demand, including from various central banks investing through ETFs. Persistent geopolitical tensions also boosted the yellow metal's appeal as a safe haven.
Gold is often considered a hedge against uncertainties. The returns gold has yielded in recent times have been phenomenal.
Publicly available data showed that gold prices rose at an unprecedented pace in 2025, soaring over 20 per cent. Over the past year, they have risen around 40 per cent.
Recently, Sachin Jain, Regional CEO India at World Gold Council (WGC) told ANI that the fundamentals of gold as an asset class are "very strong" and they will continue to be "very strong" throughout the year.
"We believe that the fundamentals of gold are still very strong and they continue to be very strong through the year," he reiterated. (ANI)
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