Gold rates today have surged amidst rising concerns among investors regarding global economic uncertainty. This was also driven by a weaker US dollar.
Spot gold rose by 0.6% to US$3,000.13 per ounce by 0250 GMT. US gold futures jumped by 0.8% to $3,014.40 per ounce.
The value of the US dollar declined ahead of the tariff implementation. This made gold, which is priced in dollars, more attractive to buyers using other currencies. The Trump administration imposed a 104% tariff on Chinese imports. It also outlined plans for a general 10% import duty across the board.
In India, the price of 24 karat gold is ₹8,972 per gram in cities like Chennai and Bangalore. 22 karat gold is priced at ₹8,224 per gram. The rate for 18 karat gold was ₹6,729 per gram, according to Goodreturns.
Rising US bond yields have limited some of the gains in gold prices. The 10-year Treasury yield has reached its highest level in over a week. This has reduced the appeal of gold, which does not offer a yield.
Gold rate reached a record high price of $3,167.57 on April 3.
The current rally in gold prices is similar to the surge in 1980 during the Iranian Revolution. At that time, political risk and fears of inflation gripped the markets.
Investor interest in gold remains strong. Gold-backed exchange-traded funds saw their largest quarterly inflows in three years during January-March 2025. This information comes from the World Gold Council.
Markets are now waiting for the minutes of the US Federal Reserve’s meeting later today, April 9. This will be followed by inflation data throughout the week. The Consumer Price Index (CPI) is due on Thursday, and the Producer Price Index (PPI) will be released on Friday.
Gold rates today have risen due to global trade tensions and a weaker dollar. While US tariffs have enhanced gold’s appeal, rising bond yields have capped gains. As investors await key US economic data, continued market volatility can lead to a further upward movement if gold rates.
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Published on: Apr 9, 2025, 10:25 AM IST
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