In the international market, the rate of gold today hovered near its all-time high mark as investors moved towards the precious metal after US President Donald Trump announced the imposition of a 25% tariff on steel and aluminium imports. Spot gold was at $2,875.79 per ounce, an increase of 0.5%, a day after hitting a record high of $2,886.62. U.S. gold futures rose 0.5% to $2,902.40.
On Sunday, Trump stated that he would introduce new tariffs of 25% on all steel and aluminium imports into the United States on Monday, which will be in addition to the current metal tariffs, representing another significant escalation of his trade policy changes.
Trump indicated that he plans to unveil reciprocal tariffs on Tuesday or Wednesday, which will be implemented almost right away, targeting all nations and corresponding to the tariff rates each country imposes.
“Global trade tension is still pretty much at play and could drive gold prices to $2,900 to $2,910 level in the near term,” said Kelvin Wong, OANDA’s senior market analyst for Asia Pacific reported Reuters. “I don’t see any high probability of a correction yet at this juncture unless we start to see a kind of a very strong U.S. dollar push-up.”
In the domestic market, the cost of gold today rose to an all-time high of Rs 85,470 per 10 grams. The price of gold today has risen 8.62% in a month and 37% in a year, outperforming the benchmark equity index Nifty 50.
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