Gold prices (pexels)
The price of gold is seeing a rise due to geopolitical tension and uncertainties spread by Trump's tariff war. The US President has announced a 200 percent tariff on European wine. Because of which a door of tariff war has opened. On the day of Holi, gold from New Delhi to New York has set a flurry of records.
In New York's Comex futures market, gold crossed Dollar 3,000 an ounce for the first time. On the other hand, India's futures market Multi Commodity Exchange has crossed a new record of Rs 88,300. Gold prices can reach even further during the trading session. Trading was closed in the morning session due to Holi. MCX opened in the second trading session at 5 pm and set a record.
In the current month, gold prices have seen an increase of more than 4.85 percent. According to experts, the price of gold is seeing a rise due to geopolitical tension and uncertainties spread by Trump's tariff war. The US President has announced a 200 percent tariff on European wine. Because of which a door of tariff war has opened. This means that the US president has opened up the front of tariff war from Asia to Europe. Due to which the prices of gold are increasing. Let us also tell you how much gold prices have become from India's futures market to the US futures market.
Gold prices are seeing a tremendous rise on the Multi Commodity Exchange, the country's futures market. Gold prices hit a record high of Rs 88,310 per 10 gram, according to the data. At 6.40 pm, the price of gold was seen rising by Rs 394 and the price was at Rs 88,169. At the same time, the price of gold was at Rs 87,781 per ten grams at 5 pm. The yellow metal had closed at Rs 87,775 per 10 gram in the previous trade.
In the month of March, the price of gold has seen an increase of about 5 percent. On the last trading day of February, the price of gold was seen at Rs 84,219. Since then, the price of gold has seen an increase of Rs 4,091 per ten grams, i.e. 4.85 per cent. Talking about the current year, the price of gold has seen an increase of about 14 percent. On the last trading day last year, the precious metal had closed at Rs 77,456 per kg. Which has so far seen an increase of Rs 10,854 i.e. 14.01 per cent.
On the other hand, the price of gold in the US futures market i.e. New York's Comex market crossed $ 3000 for the first time. Looking at the data, the price of gold futures reached a lifetime high of $ 3015. At 7 pm, the price of gold is trading at $ 3,010.10 with an increase of about $ 19 per ounce. On the other hand, gold spot prices have reached a lifetime high of $ 3,000. At 7 pm, the price of gold spot is trading at $ 2,994.77 an ounce, with a gain of about $ 6. In the British market, the price of gold spot is trading at 2,313.95 pounds per ounce, up by 6.17 pounds per ounce. On the other hand, gold fell more than 6 euros to 2,748.03 euros per ounce in the European market.
According to Anuj Gupta, Head of Commodity Currency, HDFC Securities, the main reason for the rise in gold prices is geopolitical tension and US tariff war. Due to which uncertainty in the international market remains. He said that both India and America have seen a decrease in inflation. Its effect is also being seen in gold prices. He said that in the coming days, gold prices may see further rise.
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