Gold prices remained unchanged at their all-time high of Rs 94,150 per 10 grams in the national capital on Wednesday, as traders awaited developments on potential reciprocal tariffs by the US. According to the All India Sarafa Association, gold of 99.9% purity held firm after a sharp Rs 2,000 surge on Tuesday, marking its steepest jump in nearly two months. Meanwhile, gold of 99.5% purity also remained steady at its lifetime peak of Rs 93,700 per 10 grams.
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Market experts noted that investors were cautious ahead of US President Donald Trump’s anticipated announcement on trade tariffs targeting countries with a trade deficit with America, including India.
Silver Prices Drop Amid Market Volatility
Unlike gold, silver prices witnessed a decline of Rs 1,000, falling to Rs 1,01,500 per kg from Tuesday’s closing of Rs 1,02,500 per kg. Analysts suggested that market uncertainty surrounding global trade policies contributed to fluctuations in precious metal prices.
Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said, “There is a high possibility that reciprocal tariffs will introduce fresh volatility across financial markets. Investors will evaluate how these levies impact global trade, the economy, and geopolitical stability.” He added that during uncertain times, precious metals tend to benefit as a safe-haven asset.
Global Market Trends
On the international front, spot gold inched up 0.11% to USD 3,116.86 per ounce, while Comex gold futures for June delivery remained steady at USD 3,149.30 per ounce. Meanwhile, silver prices in the Asian market rose 0.52% to USD 33.87 per ounce.
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Kaynat Chainwala, AVP-Commodity Research at Kotak Securities, highlighted that market participants were also closely monitoring the release of the US private jobs report, which could provide key insights into the Federal Reserve’s next monetary policy moves.
With global economic uncertainties looming, investors are keeping a close watch on gold’s performance, reinforcing its status as a preferred hedge against volatility.
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