Gold prices continued their ascent, hitting a fresh all-time high of ₹95,935 per 10 grams on the Multi Commodity Exchange of India Ltd. (MCX) during Thursday’s trading. This represents a ₹274 increase, driven by strong spot demand. While prices later moderated slightly to ₹95,750 per 10 grams, they remained elevated.
This surge follows Wednesday’s record of ₹94,781 per 10 grams. Analysts attribute the sustained upward trend to several factors:
- Geopolitical Tensions: Increased uncertainty surrounding U.S.-China trade relations, particularly President Trump’s consideration of new tariffs on Chinese imports, has fueled safe-haven demand for gold.
- Weakening U.S. Dollar: A declining U.S. dollar, nearing a three-year low, has made gold more attractive to international investors.
- Declining Treasury Demand: Reduced demand for U.S. Treasury securities has further bolstered gold’s appeal.
Globally, gold futures also reached a new peak of $3,371.89 per ounce in New York before retracing to $3,340.61.
