Gold price in India has cooled to Rs 85,920 per 10 grams as of 6:50 a.m. on Feb. 14, according to the India Bullion Association. Climbing nearly Rs 900 compared to the previous week, domestic gold prices have seen a hike due to the escalating global tension.
The price hit the high of Rs 88,100 in Delhi on Thursday, led by global cues, according to the All India Sarafa Association. Gold of 99.5% purity went up Rs 140 to Rs 87,700 per 10 grams from the previous close of Rs 87,560 per 10 grams.
Investors remain worried that US President Donald Trump's trade tariffs might trigger a global trade war, which continues to act as a tailwind for safe-haven metals.
Recent developments, like Trump's reciprocal tariffs on numerous trading partners, raise prospects of a wider campaign against a global system that the US President complains is tilted against the country.
Rates in New Delhi stood at Rs 85,620 per 10 grams, while the price in Mumbai was higher at Rs 85,760 on Friday. In Kolkata, the rate stood at Rs 85,650, while in Bengaluru, the rate crossed Rs 85,830, according to the association. With the price at Rs 86,010, Chennai continued to see the highest rate in the country.
The president on Thursday signed a measure directing the US Trade Representative and Commerce secretary to propose new levies on a country-by-country basis, in an effort to rebalance trade relations, a sweeping process that could take weeks or months to complete.
Global And Futures Rates
Global spot gold prices settled at $2,929, according to the World Gold Council. The global rates have been hovering over highs because of the escalated tension due to Trump's tariffs.
The previous high recorded for the global rate was $2,942 on Feb. 11, according to Bloomberg. The futures prices for April 4 stood at Rs 85,771, according to the Multi Commodity Exchange. The silver futures price was at Rs 95,260, according to MCX.
Silver Rates
Silver price stood at Rs 95,660 as of 6:50 a.m., according to the India Bullion Association.
The strong industrial demand for silver, fuelled by its importance in renewable energy technologies and electronics, has been driving the surge.
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