Global Gold Prices Cross $4,100 Amid U.S.-China Trade Tensions
Mumbai: Renewed trade tensions between China and the United States have created economic uncertainty, boosting the safe-haven demand for gold. With growing expectations of an interest rate cut by the U.S. Federal Reserve, international gold prices surged past $4,100 per ounce, reaching new highs.
Strong demand from central banks and heavy inflows into gold ETFs have also supported prices. Alongside gold, global silver and other precious metals continued to attract buyers, with silver breaching the $53 mark.
In India, domestic precious metals mirrored the global rally. Gold prices in Ahmedabad rose by ₹3,000, while silver jumped by ₹5,000. In Mumbai, traders reported a shortage of silver in the spot market. Meanwhile, crude oil prices declined below $62 per barrel due to forecasts of weaker demand and higher supply in the coming year.
In the Mumbai market, 999 purity gold (10g, excluding GST) rose by ₹2,000 to ₹1,26,152, and with GST, quoted at ₹1,29,935. 995 purity gold was priced at ₹1,25,647 (excluding GST). Silver (.999 purity) stood at ₹1,78,100 per kg, or ₹1,83,443 with GST.
Reports suggest that physical silver was largely unavailable in Mumbai’s retail market, with traders charging a premium over official rates. Deliveries for large quantities were being made only 2–3 days after booking.
In Ahmedabad, 999 purity gold was quoted at ₹1,32,000 per 10g, and 995 purity gold at ₹1,31,700, both higher by ₹3,000 compared to Monday. Silver (.999 purity) rose by ₹5,000 to reach ₹1,80,000 per kg.
Globally, gold traded above $4,100 per ounce, last seen at $4,110, while silver touched an intraday high of $53.54, later easing to $50.60. Among other precious metals, platinum settled at $1,620 and palladium at $1,474 per ounce amid profit-taking.
The deepening U.S.-China trade war has strengthened the safe-haven appeal of gold. Crude oil prices, on the other hand, softened as the International Energy Agency projected oversupply next year — with NYMEX WTI crude at $58.40 per barrel and ICE Brent crude below $63, quoted at $62.39.