Gold prices remained flat at their all-time high of Rs 94,150 per 10 grams in the New Delhi on Wednesday, amid growing concerns over the potential imposition of reciprocal tariffs by the US, according to the All India Sarafa Association.
On Tuesday, gold surged by Rs 2,000, marking its steepest increase in nearly two months, to reach a new peak of Rs 94,150 per 10 grams, according to news agency PTI.
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Gold of 99.5% purity also held steady at Rs 93,700 per 10 grams, its highest-ever level.
Traders attributed the stability in gold prices to anticipation surrounding US President Donald Trump’s expected announcement on reciprocal tariffs for countries, including India, which face a trade deficit with the US.
On the other hand, silver prices fell by Rs 1,000 to Rs 1,01,500 per kg, compared to Tuesday’s closing of Rs 1,02,500 per kg.
Saumil Gandhi, Senior Analyst for Commodities at HDFC Securities, noted that the looming tariffs could trigger fresh volatility across all financial markets. “Investors will assess how these new tariffs might impact global trade, the economy, and geopolitical relations, reacting accordingly. Uncertain times tend to benefit precious metals,” Gandhi said.
Globally, spot gold rose 0.11% to USD 3,116.86 per ounce, while Comex gold futures for June delivery remained flat at USD 3,149.30 per ounce.
Meanwhile, spot silver saw a 0.52% rise during Asian market hours, reaching USD 33.87 per ounce.
Kaynat Chainwala, AVP-Commodity Research at Kotak Securities, stated that market participants are also waiting for the US private jobs report, which could offer more insight into the Federal Reserve’s upcoming monetary policy decisions.
