Gold prices peaked to a new record high at India's Multi Commodity Exchange, with the June futures of the metal trading at Rs 95,435 per 10 gram on Wednesday.
The futures of the precious metal rose 1.69% today to hit the fresh record. Opening at Rs 94,573 per 10 gram, the price surged by about Rs 1,579 to hit the latest milestone.
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Meanwhile, the June gold contracts traded at the New York-based Commodities Exchange Inc. also hit a fresh record high of $3,334.2 per ounce on Wednesday. The prices rose around 2.9% on an intraday basis. This also marks the highest intraday rise in prices for this week.
Spot gold in India is trading at Rs 95,280 per 10 gm according to the India Bullion Association, as of 3:25 p.m. The global spot gold rate stood at $3,304.07, according to the World Gold Council.
"COMEX gold surged to a record high driven by growing trade war concerns after the US government tightened export rules to China. Trump also announced an investigation into whether tariffs are needed on critical minerals, further fueling market anxiety," according to Kaynat Chainwala, assistant vice president of commodity research at Kotak Securities.
The global investor's focus is on President Trump who is reportedly considering exemptions related to automobile tariffs, following temporary relief measures for certain tech products. He is also set to launch national security investigations into imports of pharmaceuticals and semiconductors.
To track further cues, gold investors will have their eyes fixed on US retail sales data and a speech from Federal Reserve Chair Jerome Powell on Wednesday, which could provide insights on the direction of monetary policy.
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