Gold Soars to Record High, Approaches Rs 94,000 per 10 Grams”: SRINAGAR: Gold prices in India surged to a record high of Rs 93,736 per 10 grams on Friday, driven by increased safe-haven demand amid ongoing trade tensions and global economic uncertainty.
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As per media reports, the rally follows Thursday’s session, during which gold settled at Rs 92,033 per 10 grams in domestic markets, also a record at the time. Internationally, gold prices breached the $3,200 mark per ounce after a period of brief consolidation, with investors turning to safe assets amid escalating market volatility and trade friction.
Market analysts suggest that geopolitical tensions and uncertainty over the ongoing trade standoff between the United States and China have pushed investors towards gold. “Despite former US President Donald Trump announcing a 90-day suspension on reciprocal tariffs, overall import duties on Chinese goods now stand at 145 per cent, combining a 125 per cent base rate and further retaliatory measures,” said a senior commodity analyst from a leading brokerage, as cited in media reports.
He added that the pace of escalation in trade tensions has accelerated compared to earlier periods, and the absence of diplomatic negotiations could heighten market instability further.Adding to the cautious investor sentiment, recent US economic data revealed weaker-than-expected inflation.
Media reports indicate that the Consumer Price Index (CPI) dropped to 2.4 per cent, with monthly inflation registering a negative figure of -0.1 per cent, compared to a 0.2 per cent rise previously. While weekly jobless claims remained on target, attention has now turned to upcoming US Producer Price Index (PPI) data for more insight into inflationary trends.
Meanwhile, the US Dollar Index (DXY) fell 0.80 per cent to hover near the 100.06 mark. Minutes from the Federal Open Market Committee’s (FOMC) March 18–19 meeting, also reported by media sources, indicated that most Federal Reserve officials perceive inflation risks as skewed to the upside and employment risks to the downside. This signals a cautious approach to interest rate decisions in the coming months.kashmir life.