New Delhi: As the America-China tariff war continues, gold rates have witnessed their fourth consecutive day of falling in the capital city, Delhi— a major development for India’s middle class. Over the past four days only gold has become cheap, over ₹4 thousand 100. It is expected that this trend could go down the line in the coming days. On the other hand, the futures market prices in the country have registered a jump of more than ₹2,600. Now, let us have a glance at the Delhi gold price and the futures.
As per the information provided by the All India Sarafa Association, the price of gold in Delhi has decreased by ₹1,050 and is now selling at ₹90,200 per 10 grams. The end price of 99.9% pure gold was ₹91,250 per 10 grams in the last trade. On the other hand, the cost of 99.5 per cent windows has come down by ₹1,050 to ₹89,750 per 10 grams, from ₹90,800 per 10 gms, on Tuesday. But silver has become expensive by ₹500 and is now getting at the rate of ₹93,200 per kilogram as against ₹92,700 on Tuesday. This is the second consecutive day when silver is getting dearer; in this way, the price of silver has increased by a total of ₹700 in two days.
Gold prices have climbed sharply in the country’s futures market. MCX Gold: Gold rose ₹2,298 to ₹89,946 at 6:55 PM. Prices jumped up by ₹2,629 during the trade to cross ₹90,277, which became the day’s peak. MCX gold lifetime high at ₹91,423; needs ₹1,500 to penetrate. Elsewhere, the global spot gold price jumped $61.98 (2.08%) to $3,044.14 an ounce. Meanwhile, prices of silver in Asian markets rose by 2% and were being traded at $30.41 per ounce.
According to Soumil Gandhi, senior commodity analyst at HDFC Securities, the fears of a global trade war have slowed the global economy, which is driving would-be gold buyers to safe-haven assets. Well, that has taken gold to as high as $3,030. US President Donald Trump raised tariffs on China, which increased the tariff to 104%. In retaliation, China announced that the corresponding tariff on the United States also increased from 34% to 84%. China’s measures will take effect from April 10, 2025. This is alarming and indeed pushes the question of a complete trade war on the US.
Abans Financial Services CEO Chintan Mehta said, “The developing Trump tariff policy and its far-reaching economic effects will be observed by investors.” Mehta added that market participants were looking ahead to the upcoming FOMC meeting minutes and the upcoming MS inflation data, which may alleviate the evidence for any potential action against rising trade risks by the Fed.
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