Daijiworld Media Network - Mumbai

Mumbai, Apr 16: Gold prices soared to an all-time high in India on Wednesday, reaching Rs 95,435 per 10 grams on the Multi Commodity Exchange (MCX), as global economic tensions flared up. The sharp rise came amid renewed fears of a US-China trade war following US President Donald Trump's threat to impose up to 245 per cent tariffs on Chinese imports.

The price jump marked a single-day gain of Rs 1,579, with gold opening at Rs 94,573 and steadily rising through the day. By afternoon, spot gold in India was trading at Rs 95,280 per 10 grams, according to the India Bullion and Jewellers Association (IBJA).

Internationally too, gold witnessed a strong rally. On COMEX, June gold contracts surged to $3,334.2 per ounce, while global spot gold hovered around $3,304 per ounce, making it one of the highest single-day gains in recent times.

Market analysts attributed the spike to increasing global uncertainty. Kaynat Chainwala of Kotak Securities said Trump’s tariff stance has intensified investor anxiety, prompting a rush towards gold as a safe-haven asset.

With key US economic data and a speech by Federal Reserve Chair Jerome Powell expected later in the day, investors are keeping a close watch, hoping for clarity on monetary policy direction.

The surge in gold prices comes amid reports of potential exemptions on automobile tariffs and national security probes into pharmaceutical and semiconductor imports by the US, further rattling global markets.