Gold prices jump to record high amid Trump tariff fears
By : Sandhya
Gold prices surged to a record high in the domestic futures market on Monday due to uncertainty regarding US President Donald Trump's tariffs. Gold futures on the Multi Commodity Exchange (MCX) jumped to a high of ₹85,469 per 10 grams. At 10:55 am on Monday, it was at ₹85,322.
Meanwhile, gold prices internationally rose to $2,878.75 per ounce, according to Bloomberg data. This was a rise of $17.68 or 0.62%. This comes as US President Donald Trump decided to impose 25% tariffs on Monday on all steel and aluminium imports, according to a Reuters report.
He is also planning to announce reciprocal tariffs on many countries by Monday or Tuesday next week, according to the report. This further sparks concerns of a potential global trade war. The rupee's weakness was also one of the factors which boosted the price of gold. The rupee fell by 49 paise to reach an all-time low of 87.92 against the US dollar.