Gold price in India today: Trade war fears increases investor appetite for safe haven
Gold price in India today: The performance global gold prices also favored Indian yellow metal, as both 24 karat gold and 22 karat in various grams saw surge in their valuation.
Gold price in India today: While investors took forex market and global equity indices on hotbed during Friday trading session, yellow metal was travelling on a positive note. The performance global gold prices also favored Indian yellow metal, as both 24 karat gold and 22 karat in various grams saw surge in their valuation, despite Indian benchmark indices witnessing selling pressure on the day. It is being known that, gold prices rose as investors scurried to safety after U.S. President Donald Trump moved towards long-promised anti-China tariffs, prompting a response from China amid fears of a global trade war.
Gold in India has been a perfect hedge against inflation over the years, as investors are increasingly looking at it as an important source of investment.
24 karat gold today was trading at Rs 31,870, up by Rs 10, compared to its previous day performance when it stood at just Rs 31,860. While 100 gram in 24 karat surged by Rs 100 and was available at Rs 3,18,700 compared to previous day price of Rs 3,18,600. Also, 1 gram and 8 gram in 24 karat witnessed uptrend by Rs 1 and Rs 8 respectively.
22 karat gold for 10 gram, however, was valued at Rs 29,790, higher by Rs 50, compared to its previous day price of Rs 29,740. A 100 gram in the same karat is priced at Rs 2,97,900, up Rs 500, against the previous day price of Rs 2,97,400. 1 gram and 8 gram in 22 karat plunged by Rs 5 and Rs 40 respectively during the day.
Meanwhile, silver also rose, as 1 KG of this metal was priced at Rs 41,500 on Friday, up by Rs 400, compared to previous day price of Rs 41,100. While 100 gram silver was available at Rs 4,150, up Rs 40, as against previous day price of Rs 4,110. Also, silver in 1 gram, 8 gram and 10 gram witnessed decline by Rs 0.40, Rs 3.20 and Rs 4 respectively.
Moreover, Spot gold climbed 0.7 percent to $1,338.26 per ounce at 0251 GMT. Prices touched their highest since March 7 at $1,338.99 earlier in the session and were on track for their best weekly performance since the week of Feb. 16, rising nearly 2 percent.
U.S. gold futures for April delivery rose 0.8 percent to $1,338.30 per ounce.
On Thursday Trump signed a presidential memorandum that could impose tariffs on up to $60 billion of imports from China, but only after a 30-day consultation period that starts once a list is published, as per Reuters report.
The report further said, "Investor appetite for a safe-haven asset such as gold rises during times of geopolitical and financial uncertainties and a weaker greenback makes the dollar-priced bullion less expensive for purchasers with other currencies."