New Delhi, April 16 — Gold prices skyrocketed on Wednesday, climbing ₹1,650 to reach a new all-time high of ₹98,100 per 10 grams in the national capital. The surge comes amid rising global demand for safe-haven assets, sparked by fresh trade tensions between the US and China.
The All India Sarafa Association reported that gold with 99.9% purity had closed at ₹96,450 on Tuesday. Meanwhile, gold of 99.5% purity also saw a sharp jump, gaining ₹1,650 to touch a record ₹97,650 per 10 grams—up from ₹96,000 a day earlier.
Silver wasn’t far behind in the rally. Prices of the white metal jumped ₹1,900 to ₹99,400 per kilogram, up from Tuesday’s close of ₹97,500.
Global Gold Breaks Records Too
The global scene mirrored the domestic market, with spot gold hitting an all-time high of $3,318 per ounce before easing slightly to trade at $3,299.99.
“Gold is riding high as escalating trade tensions between the US and China have sent investors rushing to safer assets,” sa Kaynat Chainwala, AVP of Commodity Research at Kotak Securities. The recent hike in US export restrictions on China has only intensified the uncertainty.
Adding fuel to the fire, President Donald Trump announced a probe into whether new tariffs should be imposed on critical minerals—leading to even more unease in the markets. On top of that, the US has raised tariffs on most Chinese goods to a staggering 245%.
Other Drivers Behind the Gold Rally
Chintan Mehta, CEO of Abans Financial Services, pointed to a weakening US dollar as another major factor behind the gold surge. The dollar index slipped below the crucial 100 mark, its lowest level in nearly three years.
“There’s a growing expectation of a rate cut from the US Federal Reserve,” Mehta added. “Markets are closely watching Fed Chair Jerome Powell’s upcoming speech, which could signal further monetary easing.”
He also highlighted continued central bank buying and strong inflows into gold-backed ETFs as contributing to the bullish sentiment.
Silver Shines Bright Too
In Asian markets, silver gained nearly 2% and traded at $32.86 per ounce.
Why It Matters
With trade wars heating up, inflation fears rising, and the dollar under pressure, investors are increasingly turning to precious metals as a safer bet. If current trends continue, we could see gold and silver climbing even higher in the coming weeks.
