Gold prices in India made a new record on April 16, with MCX gold crossing the Rs 95,000 mark for the first time ever. The price touched Rs 95,066 per 10 grams before settling at Rs 95,000 around 1:04 pm, which was 1.66 percent higher for the day.
This big rise in gold prices is due to a weak US dollar and ongoing uncertainty over global trade tensions. The tariff-related worries linked to US President Donald Trump’s policies have pushed investors to look for safer investment options like gold.
In the international market, spot prices of gold also hit record levels. Spot gold surged by 1.7 percent to $3,282.88 an ounce, and even hit $3,290.10 during the morning session. US gold futures also rose by 1.8 percent to $3,299.60.
The US dollar index declined by 0.5 percent, which priced gold cheaper in other currencies for investors. This contributed to increased demand for gold as a haven asset.
Gold increased more than 25 percent so far this year, with investors favouring it in times of uncertainty. Experts think that gold prices will remain buoyant as long as fears in the world economy exist and there are still trade tensions present.
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Source: Moneycontrol.
News Desk
