Gold hits record high amid concerns of Donald Trump tariffs

This also comes after the US Federal Reserve (Fed) kept interest rates unchanged at 4.25-4.5 per cent on Wednesday.

Updated on: Jan 31, 2025, 09:09:51 IST

By HT News Desk | Edited by Abhyjith K. Ashokan

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Gold hit an all-time high on Thursday, hitting ₹83,800, in a surge driven by rising concerns of tariffs by the Donald Trump administration in the US, forcing investors to retreat to safer assets such as the yellow metal.

Gold of 99.9% purity rose by ₹50 to hit a peak of ₹83,800 per 10 grams from the previous close of ₹83,750 per 10 grams on Wednesday (Representative Image)

Gold prices extended their upward momentum for a second straight session, hitting a record high of ₹83,800 per 10 grams in Delhi on Thursday, fueled by strong global cues.

According to the All India Sarafa Association, gold with 99.9 per cent purity rose by ₹50 per 10 grams, surpassing Wednesday’s close of ₹83,750 per 10 grams.

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Meanwhile Comex gold futures in the international markets jumped $23.65 per ounce or 0.84 per cent to hit an all-time high of $2,817.15 per ounce.

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However, it has now dropped again. As of 8 am IST on January 31, 2025, gold was sitting at ₹82,100 per 10 grams on the Multi Commodity Exchange (MCX). The low so far is ₹80,970 per 10 grams and the high so far is ₹82,100.

In the international market, gold was at $2,796.87 according to Bloomberg data. This was a rise of $2.28 or 0.08 per cent.

This comes after the US Federal Reserve (Fed) kept interest rates unchanged at 4.25-4.5 per cent on Wednesday, saying it was not in a hurry to cut rates since the risks pertaining to its dual mandate of employment and inflation is finely balanced.

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“Comex Gold was under pressure in the previous session (Wednesday) and closed one per cent lower. After hitting a two-month high of $2,770, prices retreated as investors shifted their focus to fixed-income instruments and defensive equities as they reassessed future returns from US tech heavyweights. However, the Federal Reserve's expectations of a dovish stance later this year provided some support, limiting further downside,” Axis Securities wrote in its Commodity Derivatives Snapshot.

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