Gold prices on Friday hit a fresh all-time high of Rs 82,415 per 10 grams in futures trade in line with firm global trends.
On the Multi Commodity Exchange, gold contracts for April delivery hit a record high of Rs 82,415 per 10 grams in early trade. The contract later pared some gains to trade Rs 199 or 0.24 per cent higher at Rs 82,243 per 10 grams with an open interest of 15,816 lots.
The next month’s contract also hit a record high of Rs 82,210 per 10 grams.
“MCX Gold touched a record high after US President Donald Trump said that the United States would impose a 25 per cent tariff on exports from Mexico and Canada, which increased uncertainty in the market as his plan stoked fears of trade wars and prospects of an economic slowdown,” Deveya Gaglani, Senior Research Analyst-Commodities at Axis Securities, said.
Analysts said the US advance GDP quarter-on-quarter growth came in at 2.3 per cent against the forecast of 2.7 per cent, which increased the probability of the US Fed’s interest rate cut in the next meeting, causing investors to flock towards the safe-haven asset.
Globally, gold futures for April month delivery hit an all-time high of USD 2,859.45 per ounce in New York. (Agencies)
