NEW DELHI, Jan 31: On Friday, gold prices surged to a new all-time high of Rs 82,415 per 10 grams in futures trading, reflecting strong global trends.
On the Multi Commodity Exchange, April delivery gold contracts reached a record of Rs 82,415 per 10 grams during early trading. Although the contract later adjusted slightly, it was still up by Rs 199 or 0.24 percent, trading at Rs 82,243 per 10 grams with an open interest of 15,816 lots.
The contract for the subsequent month also achieved a record high of Rs 82,210 per 10 grams.
“MCX Gold reached new heights following US President Donald Trump’s announcement of a 25 percent tariff on exports from Mexico and Canada, which heightened market uncertainty and raised concerns of trade wars and potential economic slowdown,” stated Deveya Gaglani, Senior Research Analyst for Commodities at Axis Securities.
Analysts noted that the US advance GDP quarter-on-quarter growth was recorded at 2.3 percent, falling short of the anticipated 2.7 percent, thus amplifying the likelihood of an interest rate cut by the US Fed in their upcoming meeting and prompting investors to seek the safety of gold.
Globally, gold futures for April delivery reached an unprecedented high of USD 2,859.45 per ounce in New York. (Agencies)
