MUMBAI: The continuing weakness of the dollar coupled with the increasing trade friction between the US and China—with the former hiking import duties on shipments from the latter to 245% from 125%– has led to the safe haven asset gold hitting a new high, going past the USD 3,300/ounce-mark in the global markets and scaling past the Rs 95,000/10 gram-mark in the domestic market on Wednesday.
The domestic price movement also has to do with the upcoming festival Akshay Tritiya falling on April 30, traders said.
On the MCX, gold opened higher at Rs 94,573 from the previous close of Rs 93,451 and went onto jumped as much as by Rs 1,984, or 2.12%, to hit a record high of Rs 95,435/10 grams.
While in the domestic market, gold was trading at Rs 95,090 per 10 grams today up 1.66% from the previous closing price, on the Chicago Mercantile Exchange, the yellow metal was trading (spot) at USD 3,316 an ounce—an ounce is 28.35 grams, at 1700 hrs IST. This is around 28% ferocious rally so far this year, coming on the back of the 22% jump in 2024.
Silver also recorded solid gains in the futures market with prices jumping 1.56% to Rs 96,253/kg on the MCX, after briefly touching an intra-day high of Rs 96,344/kg.