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 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.
Also Read: Trump administration considers tighter curbs on Nvidia’s H20 chip export to China: Report
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.
Also Read: NPCI bans special characters in UPI transaction IDs from February 1: Details
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.
Also Read: Microsoft CFO tells employees to ‘focus’ as DeepSeek release raises questions on AI spending: Report
“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.