Gold price hits all-time high: Safe-Haven gold hit another all-time high for the second straight session on the Multi-Commodity Exchange (MCX), boosted by the US President Donald Trump's tariff policy and the continued weakness in the Indian Rupee. On MCX, gold prices for the October contract were up about 0.6 per cent or Rs 614, to trade at 1,02,082 for 10g as of 12:13 pm. It hit an all-time high of Rs 1,02,250 earlier in the session. On Comex, gold futures also climbed to a record high. Bullion's sister metal, silver, mirrored gold's trend; it rose nearly one per cent or by Rs 1,112 to stand at Rs 1,15,450. Market expert Anuj Gupta told ET Now that the positive trend is expected to continue for both gold and silver. He further adds that the upward momentum is supported by geopolitical tensions arising from Trump's tariff actions and the weakening of the Indian Rupee.On the local currency side, the Indian rupee declined to a record low level as risk-off sentiment deepened, following the US President Donald Trump's threats to increase tariffs on Indian goods. Gold prices appreciate when the Rupee weakens against the US Dollar, as more INR is needed to buy gold priced in USD.Adding to the safe-haven demand, Donald Trump ruled out the possibility of trade negotiations with India, following his recent move to impose an additional 25 per cent tariff on Indian goods. Furthermore, on Wednesday, Trump signed an executive order imposing an additional 25 per cent ad valorem tariff on Indian goods, specifically citing India’s continued crude oil imports from Russia. With the existing 25 per cent levy, Indian exports to the US will now face a massive 50 per cent duty—among the highest across all nations.Gold is considered a safe haven asset because investors flock to it during times of economic uncertainty and market volatility.
Gold price hits all-time high on MCX; should you buy now?
