Gold, 99.5 per cent pure, increased from Rs 200 per gram to Rs 98,900 per gram, against a previous closure of Rs 98,700 per gram.
U.S. Treasury Secretary Scott Bescent said Wednesday that the current trade conflict between the US and China could last for some time.
Adding to this, President Donald Trump has reportedly indicated that China could receive new tariff rates in the next “two to three weeks,” but countries currently in the negotiation phase may see mutual tariffs entering if negotiations don’t want to.
Commodity market experts say the remarks by Trump and Bescent will help revive demand for safe haven bullion following revised slides from the highest peak ever.
Meanwhile, the silver price highly rated Rs 99,900 per Rs 99,900 on Thursday from Rs 700 to Rs 99,900. White metal settled at Rs 99,200 per kg at the previous closing. In the futures trade, the June delivery gold deal brought Rs 1,046 (1.1%) to Rs 95,768 per gram on the multi-commodity exchange. “Gold opened with a strong gap-up of over 1,000 rupees and hit Rs 95,700 on the MCX as Comex Gold held a company that exceeded 3,300 USD. After a rapid change in the tone of the Trump administration, the updated Upside indicates that it could remain a central part of the conversation before concrete trade talks with China.
“This delay in diplomatic progress, coupled with uncertainty about China’s official response, continues to raise risk sentiment,” said Jaten Trivedi, assistant research analyst at LKP Securities.
In particular, the geopolitical fog is on the rise as China has not yet issued a strong or clear stance on trade debates, Trivedi added.
Globally, Gold Rose is $47.16, or 1.43% (1.43%), at $3,335.50 per ounce.
“The price of gold rose after a short-lived revision triggered by metal reservations, but quickly rebounded due to instability in investor sentiment as President Metal Trump frequently changes to trade policy.
“This has created uncertainty around the US economic outlook and increased gold demand as a safe asset,” said Chintan Mehta, CEO of Abans Financial Services.
Future US macroeconomic data, durable product orders, including unemployment claims, could affect bullion prices direction later in the day, according to AVP Kaynat Chainwala, product research at Kotak Securities.
Spotsilver in Asian trading hours fell 0.48% to USD 33.42 per ounce.
