Gold Price Surges Amid Tariff Risks — Check Rates In Mumbai, Bengaluru, Delhi, Chennai And More

Gold price in India rose to Rs 86,300 per 10 grams as of 7:00 a.m. on March 5, according to the India Bullion Association.

Rates in New Delhi stood at Rs 85,990 per 10 grams, while price in Mumbai was higher at Rs 86,140 on Wednesday. In Kolkata, the rate stood at Rs 86,030, while in Bengaluru the rate crossed Rs 86,210, according to the association. With the price at Rs 86,390, Chennai continued to see the highest rate in the country.

Gold prices on Tuesday zoomed by Rs 1,100 to reclaim the Rs 89,000-mark in the national capital on increased buying by jewellers and stockists and strong global trends, according to the All India Sarafa Association. The metal of 99.9% purity rallied by Rs 1,100 to Rs 89,000 per 10 grams from the last close of Rs 87,900 per 10 grams.

Gold of 99.5% purity advanced by Rs 1,100 to Rs 88,600 per 10 grams from the previous close of Rs 87,500 per 10 grams. The gold prices surged after US President Donald Trump confirmed tariffs on Canada, Mexico and China from Tuesday. Following this, China and Canada also announced retaliatory measures against the US, leading to an escalation in trade tensions across North America.

Global And Futures Rates

Global spot gold prices were higher at $2,913, according to the World Gold Council. The rates have been hovering over highs, with tension around Trump's tariffs, that were pushed higher by other global cues.

The previous high recorded for the global rate was $2,954 on Feb. 24, according to WGC. The futures prices for April 4 stood at Rs 84,800, according to the Multi Commodity Exchange. On the MCX, gold contracts for April delivery increased by Rs 806 to Rs 86,190 on Monday.

Silver Rates

Silver price stood at Rs 96,310 as of 7:00 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.