Gold surges to ₹97,805 in India as global precious metals really intensifies

Gold prices in India surged to an all-time high of ₹97,805 per 10 grams in Ahmedabad on Wednesday, April 16, 2025, reflecting a strong upward trend in the bullion market. On the Multi Commodity Exchange (MCX), gold closed at ₹93,451 per 10 grams, marking a significant gain. Meanwhile, international gold prices were trading at $3,312 per ounce as of 18:20 PM IST, underscoring the global rally driven by safe-haven demand and macroeconomic uncertainties.

According to Kotak Securities report, "Comex gold futures surpassed the $3,300 per ounce for the first time on Wednesday and also reached a new record high of $3,334.2 on Wednesday, driven by safe-haven demand stemming from ongoing uncertainty in US trade policy and dollar fell to fresh six-month low.”

“Investors are seeking refuge in gold after President Trump ordered a probe into potential tariffs on critical mineral imports, partially offsetting relief from recent tech tariff exclusions and possible auto part exemptions. Bullish momentum is further supported by major banks maintaining a positive outlook on gold, citing consistent inflows into gold-backed ETFs and sustained central bank buying," per report.

Kaynat Chainwala, AVP-Commodity Research, Kotak Securities, said, "Comex gold prices gained late in the US session as US Treasury yields declined for the second straight day. Investment demand continues to strengthen, with data from the World Gold Council showing that Chinese gold ETFs recorded robust inflows, rising by 29.1 metric tons in the first 11 days of April alone. This figure has already surpassed total Q1 inflows and is outpacing flows into US-listed gold funds."

Meanwhile, President Trump is reportedly considering exemptions on auto tariffs, following temporary relief measures for certain tech products, while launching national security investigations into imports of pharmaceuticals and semiconductors.

"Trump also announced an investigation into whether tariffs are needed on critical minerals, further fuelling market anxiety. Besides, investors are eyeing US retail sales data and a speech from Fed Chair Jerome Powell for further clues on the direction of monetary policy," said Chainwala.