Why did gold hit an all-time high of ₹86,360 per 10 grams today?

The price of 10 grams of gold hit an all-time high of ₹86,360 on the Multi Commodity Exchange (MCX) on Tuesday after US President Donald Trump fanned global market uncertainties over his tariff plans.

Globally, gold prices witnessed volatility over few hours - rallying to a record of $2,942 per ounce before pairing gains. One of the primary reasons gold prices hit a high before dipping again was Trump's imposition of 25% tariffs on all types of steel and aluminium imports into the US. While announcing his decision, POTUS said the tariffs would come into effect in March and would bolster domestic production and create more jobs.

Gold prices have risen about 11% so far this year while setting successive records, mostly on Trump's disruptive policy decisions, including 25% tariffs on imports into the US from Mexico and Canada which he later took back.