99.5% purity gold hits record high of Rs 82,330 on strong global cues

99.5% purity gold hits record high of Rs 82,330 on strong global cues


Globally, Comex gold futures rose $10.20 an ounce, or 0.37%, at $2,769.40 an ounce.

“Gold prices continue to rise as the dollar weakens,” said the chief executive of Abans Holdings. Markets are worried after Trump delayed his promised trade tariffs on China, Mexico and Canada, leading to long-term gold prices next month. Fears of trade war may increase.” Officer Chintan Mehta said.

Weak economic data – retail sales falling short of expectations and unemployment claims – have also added to the bullish outlook for gold, Mehta said.

He said these signs of economic stress have increased speculation that the US Federal Reserve could ease its dovish stance and deliver more rate cuts this year, and increase gold’s appeal as a safe-haven asset. .

Silver Comex futures were also up 0.27% at $31.58 an ounce.

“As there is a lot of uncertainty in the market about the tariffs that US President Trump will impose on imports, the precious market is building momentum to reach record-high levels,” said Renisha Chainani, head of research at Augmont. “Over the past 10 years, the U.S. trade deficit has nearly doubled, rising from $500 billion to $850 billion by 2024.”

(With PTI inputs)