Unews World
HYDERABAD: Gold soared to lifetime high of $2883/ounce in the international spot market on Wednesday evening following US President Donald Trump’s tariff threats and amid geopolitical tensions. This sent the yellow metal hurtling to new highs of around Rs 85,000/10gm (24K without import duty & taxes) in local markets as the rupee plunged to a record low.
According to HDFC Securities, in Delhi markets 24K gold spot prices traded at all-time high of Rs 86,150/10gm (excluding GST). “Trade war fears have uplifted precious metals since President Trump returned to the White House, causing a series of new highs in gold prices. Investors consider gold the best hedge against Trump’s policy uncertainty,” said Saumil Gandhi of HDFC Securities.
All India Gem & Jewellery Domestic Council’s Avinash Gupta said: “Whenever there is uncertainty, the safe haven value of gold goes up. Also, geopolitical tensions across the globe are not cooling down, giving gold’s safe haven value a boost.” Indian Bullion and Jewellers Association’s Surendra Mehta said these trade wars and geopolitical tensions are bound to lead to inflation, against which gold is the best hedge. He expects gold to hit $3,050/oz and Rs 89,000-92,000/10 gm in the next four to five months despite negative consumer sentiment as central banks and investors continue to lap up gold.
World Gold Council regional CEO (India) Sachin Jain said though India’s gold demand rose 5% to nearly 809 tonnes in 2024 spurred by duty cut, investment demand and festive purchases, total jewellery demand volumes fell 2% to around 563 tonnes in 2024.
Check Also
Will interest rates fall again and how do they affect mortgages and savings?
Mortgage rates Just under a third of households have a mortgage, according to the government’s …