Gold prices soared to a record high of Rs 84,594 per 10 grams in futures trade on Wednesday, driven by strong global trends. On the Multi Commodity Exchange, April delivery contracts for the yellow metal reached the peak of Rs 84,594 per 10 grams during early trading. However, they later trimmed some gains, rising by Rs 755 or 0.9% to Rs 84,552 per 10 grams, with an open interest of 17,516 lots.
Analysts noted that gold reached new all-time highs as concerns over the US-China trade war led to increased safe-haven buying. Globally, gold futures rose by 0.70% to reach a record high of USD 2,895.91 per ounce in New York.
"Rising trade tensions between the US and China, along with ongoing geopolitical concerns in Gaza, dampened market sentiment and further fueled demand for the yellow metal," said Kaynat Chainwala, AVP-Commodity Research at Kotak Securities.