Gold Climbs To Rs 99,400 Amid Renewed Concerns Over US-China Standoff
Gold of 99.5% purity also increased by Rs 200 to Rs 98,900 per 10 grams.
Gold prices have been seesawing this week as it hit starkly contrasting record highs and went through rapid retreats. The yellow metal's prices climbed Rs 200 back up on Thursday to Rs 99,400 in Delhi.
This came after the fresh appeal for the yellow metal came about driven by stockists and jewellers and a weak dollar, according to the All India Sarafa Association. The precious metal of 99.9 per cent purity had seen a steep fall in prices from the historic Rs 1-lakh mark and declined Rs 2,400 to Rs 99,200 per 10 gram.
Gold of 99.5% purity also increased by Rs 200 to Rs 98,900 per 10 grams against the previous close of Rs 98,700 per 10 grams. US Treasury Secretary Scott Bessent said the current trade standoff between the US and China could continue for a while.
Adding to this, there were reports that President Donald Trump signalled that China may receive a new tariff rate in the next "two to three weeks" while countries that are currently in the negotiation phase might see reciprocal tariffs come in if negotiations are not going the way he wants.
According to commodities market experts, remarks by Trump and Bessent help revive demand for the safe-haven bullion following a corrective slide from the all-time peak.
Expert Outlook
"Delay in diplomatic progress, coupled with uncertainty around China's official response, continues to keep risk sentiment elevated," Jateen Trivedi, vice president of commodity and currency at LKP Securities, said.
China has yet to issue a strong or clear stance on the trade discussions, which adds to the geopolitical fog, Trivedi added.
"Gold prices rose after a short-lived correction triggered by profit booking as the metal hit record highs but quickly rebounded as President Donald Trump's frequent shifts in trade policy unsettled investor sentiment. This resulted in uncertainty around the US economic outlook which has boosted demand for gold as a safe-haven asset," said Abans Financial Services Chief Executive Officer Chintan Mehta.
Upcoming US macroeconomic data, including jobless claims, and durable goods orders can influence bullion prices direction later in the day, according to Kaynat Chainwala of Kotak Securities.
(With inputs from PTI)
