Gold prices surged by Rs 2,430 to reach an all-time high of Rs 88,500 per 10 grams in the national capital on Monday, driven by strong global cues and a weaker rupee, according to the All India Sarafa Association. The precious metal crossed the record $2,900 per ounce mark in global spot markets after US President Donald Trump announced a fresh 25% tariff on all steel and aluminum imports to the US.
Heavy buying by jewellers and retailers also boosted the prices. Gold of 99.9% purity, which had settled at Rs 86,070 per 10 grams last week, surged to a record Rs 88,500 per 10 grams, while gold of 99.5% purity jumped by Rs 2,430 to Rs 88,100 per 10 grams in the local market. Silver prices also saw an uptick, rising by Rs 1,000 to Rs 97,500 per kg. Traders attributed the surge to investors shifting away from riskier assets like stocks in favor of safe-haven investments amid global economic uncertainties.
In futures trade on the MCX, gold contracts for April delivery rallied Rs 940 to hit a new lifetime high of Rs 85,828 per 10 grams.Mumbai street food "Gold witnessed strong gains, surging above Rs 85,800 in MCX and hitting USD 2,900 in spot markets as Trump's new round of tariffs on metal products intensified trade war concerns.