New Delhi, February 10: Gold prices surged to new highs on Monday in the domestic futures market as uncertainty over U.S. President Donald Trump’s tariff policies drove demand for the metal as a safe-haven investment.
According to the India Bullion and Jewellers Association, 24-carat gold reached Rs 8,537 per gram, while 22-carat gold was priced at Rs 8,332 per gram.
On the Multi Commodity Exchange (MCX), April gold futures hit an all-time high of Rs 85,384 per 10 grams in early trading and were up 0.51% at Rs 85,325 per 10 grams.
Internationally, gold prices also remained near record levels due to fears of a global trade war. Last week, spot gold peaked at $2,886.62 per ounce.
Trump’s proposed 25% tariff on all steel and aluminum imports, along with potential additional tariffs, has spurred concerns about inflation in the U.S., which could prevent the Federal Reserve from cutting interest rates soon.
In India, gold reserves increased by $1.242 billion to $70.893 billion, while Special Drawing Rights (SDRs) rose by $29 million to $17.889 billion, according to the Reserve Bank of India.
Meanwhile, the rupee fell to a record low of 87.92 against the U.S. dollar on Monday, down by 49 paise from the previous day’s closing of 87.43.
