Demand for gold could stand between 700 metric tonnes and 800 metric tonnes, compared to last year's 802.8 tonnes
China imposed tariffs on US imports, swiftly responding to new US duties, escalating the trade war between the world's top two economies even as Trump offered reprieves to Mexico and Canada
China imposed tariffs on US imports in a swift response to new US duties, escalating the trade war between the world's top two economies even as Trump offered reprieves to Mexico and Canada
Oil price today: Crude oil prices clocked the biggest intraday rally in four months on Monday, driven on the news of 10 per cent tariffs imposed by Whitehouse on Canadian crude oil and products
The price of 22-carat gold also dipped Rs 10, with ten grams of the yellow metal selling at Rs 77,040
But alarm about U.S. import tariffs planned by President Donald Trump has driven Comex futures prices substantially above spot prices in recent months, creating a lucrative arbitrage opportunity
Gold, often regarded as a safe-haven investment during periods of economic or geopolitical instability, soared to a record peak of $2,817.23 on Friday
The price of 22-carat gold also dipped Rs 10, with ten grams of the yellow metal selling at Rs 77,440
On Friday, the precious metal price of 99.9 per cent purity rose for the third straight session, jumping by Rs 1,100 to hit a new peak of Rs 84,900 per 10 grams driven by robust domestic demand
The price of ten grams of 24-carat gold in Mumbai is in line with prices in Kolkata, Chennai, and Hyderabad at Rs 84,340
Trump will include a process for Canada and Mexico to seek specific exemptions for certain imports, adding that new tariffs would become effective on March 1
Citing the World Bank's Commodity Markets Outlook for October 2024, the economic survey highlighted that commodity prices are projected to decrease 5.1 per cent in 2025 and 1.7 per cent in 2026
Silver rate today: Given the fact that industrial commodities are struggling, and tariff threats loom large, silver may struggle to extend its rally much further on a sustained basis
Gold rate today: India's budget to be presented on February 1 will be important for domestic gold prices as import duty on precious metals may be increased.
The price of 22-carat gold also rose Rs 10, with ten grams of the yellow metal selling at Rs 76,110
Investors now await the December US personal consumption expenditures (PCE) price index report on Friday
Investors are also looking ahead to a ministerial meeting by the Organization of the Petroleum Exporting Countries and its allies, together called Opec+, scheduled for Feb 3
The price of 22-carat gold also rose Rs 10, with ten grams of the yellow metal selling at Rs 75,960
Snapping a two-day losing run, gold of 99.5 per cent purity also surged Rs 910 to hit a fresh peak of Rs 83,350 per 10 grams on Wednesday
The price of 22-carat gold fell Rs 10, with ten grams of the yellow metal selling at Rs 75,090