 New Delhi, Apr 2:
Agencies
Gold price stayed flat at its all-time high level of Rs 94,150 per 10 grams in the national capital on Wednesday amid concerns over imposition of reciprocal tariffs by the US, according to the All India Sarafa Association.
On Tuesday, the precious metal of 99.9 per cent purity surged by Rs 2,000, the steepest in nearly two months, to hit a fresh peak of Rs 94,150 per 10 grams.
Gold of 99.5 per cent purity also traded flat at its lifetime peak of Rs 93,700 per 10 grams.
Traders said gold prices remained flat ahead of the US President Donald Trump’s anticipated announcement of imposing reciprocal tariffs on various countries, including India, which have a trade deficit with America.
However, silver prices declined Rs 1,000 to Rs 1,01,500 per kg from Tuesday’s closing level of Rs 1,02,500 per kg.
“There is a high possibility that this event (reciprocal tariffs) will be the cause of a fresh wave of volatility across all financial asset classes,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
Gandhi further said, “Investors will assess how the next round of levies would affect global trade, the global economy, and the geopolitical front, and will react accordingly. Uncertain times typically benefit precious metals.” On the global front, spot gold went up 0.11 per cent to USD 3,116.86 per ounce. Also, Comex gold futures for June delivery traded flat at USD 3,149.30 per ounce.
Meanwhile, spot silver rose 0.52 per cent in the Asian market hours to USD 33.87 per ounce.
According to Kotak Securities’ AVP-Commodity Research Kaynat Chainwala, market participants will also await the release of the US private jobs report which could provide more insights on the Federal Reserve’s monetary policy. |
