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.
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Traders said bullion prices surged after the US President Trump confirmed tariffs on Canada, Mexico and China from Tuesday.
China and Canada also announced retaliatory measures against the US, leading to an escalation in trade tensions across North America.
Silver prices climbed Rs 1,500 to Rs 98,000 per kg driven by industrial demand and the gold's rally. The white metal had finished at Rs 96,500 per kg on Monday.
On the Multi Commodity Exchange, gold contracts for April delivery increased by Rs 806 to Rs 86,190 per 10 grams.
Gold remained positive as COMEX gold surged over 1%, supporting MCX gold, which gained but slightly underperformed due to minor rupee appreciation.
"The rally was driven by fresh tariff retaliations, with Canada and China imposing tariffs on the US, fuelling safe-haven demand," Jateen Trivedi, VP research analyst, commodity and currency, LKP Securities.
Also, silver for May delivery jumped by Rs 472 to Rs 96,482 per kg on the bourse.
On the overseas front, Comex gold futures for April contracts went up by $32.70 or 1.13% to $2,933.80 per ounce. Meanwhile, spot gold rose nearly 1% to $2,921.42 per ounce.
According to HDFC Securities' Senior Analyst of Commodities Saumil Gandhi, lower-than-expected ISM Manufacturing PMI data released on Monday added another disappointing sign on the macro front.
This comes in the wake of last week's weaker housing data, rising unemployment claims, and declining consumer expenditure. The data release raised the hopes that the US Federal Reserve is likely to cut interest rates sooner than expected and increase gold's appeal as a non-yielding asset, Gandhi said.
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