Gold at record high, surges past ₹1.03 lakh amid global trade tensions
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Gold prices in India touched a record high Wednesday as the yellow metal surged above ₹1,03,500 per 10 grams in Ahmedabad amid global trade uncertainties. On the Multi Commodity Exchange (MCX), gold futures settled at ₹1,00,329 per 10 grams. In global markets, gold was trading at $3,422.35 an ounce at 16:00 IST.
Prithviraj Kothari, Managing Director of RiddiSiddhi Bullions Limited, said, “Gold prices have touched a fresh high, closing around ₹1,03,000, driven by a combination of global economic uncertainties. Rising tariffs, increasing geopolitical tension, and ongoing policy shifts—particularly surrounding Donald Trump's re-election campaign and economic stance—are contributing to global volatility. As a result, we’re seeing firm upward pressure on international gold prices, with the dollar strengthening and commodity markets reacting sharply."
"Gold rallied further as the countdown to the U.S. trade tariff deadline stoked global uncertainty. U.S. President Donald Trump’s warning to escalate tariffs unless a deal is struck by August 1 has pushed investors towards safe-haven assets,” said Rahul Kalantri, VP-commodities, Mehta Equities Ltd. "Weakness in both the U.S. dollar index and treasury yields, amid expectations of policy easing, supported the rally," he added.
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On the domestic front, rupee depreciation against the dollar added upward pressure on bullion prices. However, a surprise trade deal with Japan provided some support to currency markets; thereby restricting further gains in bullion.
According to Kotak Securities report on commodities research, "Comex August gold futures rose over 1% to settle above $3,343 per ounce on Tuesday, climbing to a fresh five-week high. Gold saw continued fund interest, supported by ETF holdings climbing to a near 2-year high on Monday. Meanwhile, U.S. Treasury Secretary Bessent signalled potential trade extensions with China and new deals with other nations. Today, gold is trading moderately lower below $3,340 as there is 94% probability that the Fed will hold rates at its July 30 meeting but trade uncertainty, softening yields, and resilient ETF demand may continue to support prices."