Gold hit a brand new document excessive of ₹95,435 per 10 gram on the Multi Commodity Change (MCX) on Wednesday, April 16, following a weakening greenback and the persevering with uncertainty of US President Donald Trump’s tariff conflict.
One of many the reason why this took place was the US greenback weakening by 0.65%, as per information from Bloomberg’s Greenback Index Spot.(Consultant Picture)
This was the primary time it breached the ₹95,000 mark and this was a 2.12% acquire from the earlier shut, which was at ₹93,451.
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As of 2:45 pm, the yellow metal had pared some of its gains, trading at ₹95,090. Meanwhile, the low for today so far was ₹94,311.
Silver meanwhile, hit a high of ₹96,965 per Kg, which was an increase of 2.31%. As of 2:45 pm, it had gone down to ₹96,500 and previously hit a low of ₹94,666.
One of the reasons why this came about was the US dollar weakening by 0.65%, as per data from Bloomberg’s Dollar Index Spot.
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Gold has traditionally been viewed as a safe-haven asset, especially during times of geopolitical and economic uncertainties.
In the international market, Spot gold was up 2.7% to $3,314.29 an ounce after hitting a record high of $3,317.90 earlier in the session. US gold futures meanwhile, gained 2.8% to hit $3,330.30.
“Trump’s commerce conflict exhibits no indicators of easing after the President ordered a probe into essential minerals, semiconductors and prescribed drugs, sparking a contemporary transfer in the direction of secure havens and out of shares,” a Reuters report quoted Ole Hansen, head of commodity strategy at Saxo Bank, as having said.
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“We’re upgrading (gold forecast) to $3,500 supported by a world in disarray the place buyers search shelter amid recession fears, geopolitical tensions, fiscal debt issues and central banks diversifying their holdings away from USD and dollar-based belongings,” he added.