New Delhi, April 16 Gold prices hit a new record high in India on Wednesday, with the yellow metal trading at Rs 95,435 per 10 grams on the Multi Commodity Exchange (MCX).
This marks a sharp jump of 1.69 per cent or Rs 1,579 during the day. The day began with gold opening at Rs 94,573 per 10 grams, and it quickly surged to the new milestone.
At the same time, gold prices also climbed to new highs in global markets. On the New York-based Commodities Exchange Inc. (COMEX), the June gold contracts reached $3,334.2 per ounce, a rise of 2.9 per cent intra-day.
This is the highest single-day gain in gold prices seen so far this week.
According to the India Bullion and Jewellers Association (IBJA), spot gold in India was trading at Rs 95,280 per 10 grams around 3:30 p.m.
Meanwhile, the global spot gold price stood at $3,304.07 per ounce, based on data from the World Gold Council.
Experts say the sharp rise in prices is being driven by fears surrounding a possible escalation in the US-China trade tensions.
US President Donald Trump threatened to impose up to 245 per cent tariff on Chinese imports, which has further increased anxiety in the markets.
Kaynat Chainwala, Assistant Vice President of Commodity Research at Kotak Securities, said that COMEX gold touched record highs because of concerns linked to the growing trade war.
She added that Trump's latest policy moves are fueling investor nervousness globally.
Investors are now keeping a close eye on upcoming US retail sales data and a speech by Federal Reserve Chair Jerome Powell, both scheduled for Wednesday.
These events are expected to provide more clarity on future monetary policy decisions, which could influence the direction of gold prices in the coming days.
In the background, there are also reports suggesting that Trump may consider some exemptions on automobile tariffs.
He is also likely to launch national security investigations into imports of pharmaceuticals and semiconductors -- further adding to market uncertainty.
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