 NEW DELHI, Apr 16:
Agencies
Gold prices soared by Rs 1,650 to hit an all-time high of Rs 98,100 per 10 gm in the national capital on Wednesday (April 16, 2025) amid a global rush for safe-haven buying triggered by an escalated trade war between the U.S. and China.
According to the All India Sarafa Association, the precious metal of 99.9% purity had finished at Rs 96,450 per 10 gm on Tuesday (April 15, 2025.)
Gold of 99.5% purity also appreciated by Rs 1,650 to hit a fresh peak of Rs 97,650 per 10 gm against the previous close of Rs 96,000 per 10 gm. Additionally, silver prices climbed by Rs 1,900 to Rs 99,400 per kg. The white metal had closed at Rs 97,500 per kg on Tuesday (April 15, 2025.)
On the global front, spot gold rose to touch a record high of $3,318 per ounce. Later, it pared some gains to trade at $3,299.99 per ounce.
“Gold surged to a record high, driven by growing trade war concerns after the U.S. government tightened export rules to China,” Kaynat Chainwala, AVP-Commodity Research, Kotak Securities, said.
President Donald Trump has announced an investigation into whether tariffs are needed on critical minerals, further fuelling market anxiety. On Wednesday (April 16, 2025), the U.S. administration further raised tariffs on most goods from China to 245%.
According to Abans Financial Services’ Chief Executive Officer Chintan Mehta, gold prices hit record highs as the U.S. dollar index slipped below the 100-mark, nearing three-year lows. He said the upswing in gold is fuelled by rising expectations of a potential interest rate cut, with markets closely watching the U.S. Federal Reserve Chair Jerome Powell’s speech to come later in the day.
“As the Federal Reserve navigates the twin challenge of supporting economic growth while managing tariff-driven inflation, the current macro environment continues to offer strong support for gold. “Adding to the bullish momentum, major banks remain positive on gold’s outlook, citing continued inflows into gold-backed ETFs and sustained central bank buying,” Mr. Mehta said. Spot silver in the Asian market hours rose nearly 2% to $32.86%. |
