As US President Donald Trump’s policies continue to shake markets, gold prices in India reached an all-time high of 102,794 on Monday (April 21)read moreAs topsy-turvy trade and economic policies of US President Donald Trump continues to shake markets, gold has reached an all-time high price in India and the world.In India, gold prices crossed the Rs 1 lakh-mark for the first time on Monday (April 21).The price of 99.99 per cent pure gold reached the peak of Rs 99,800 per 10 grams on Monday whereas the price for gold of 99.5 per cent purity reached the peak of Rs 99,300 per 10 grams, according to the All India Sarafa Association.STORY CONTINUES BELOW THIS ADWith 3 per cent goods and services tax (GST), the price comes to Rs 102,794 for 99.99 per cent pure gold and Rs 102,279.So far, gold prices have risen by 26.41 per cent this year, according to PTI.More from India
As Trump shakes markets, gold prices hit all-time high of Rs 1 lakh
‘Amrit Kaal for India, Golden Age for America’: US on Modi-Vance BTA talks
India declares three-day state mourning on the passing of Pope Francis
PM Modi, JD Vance hail ‘significant progress’ on India-US trade pact, pledge deeper strategic cooperationRenisha Chainani, the head of research at Augmont, told Economic Times that concerns over global economic growth as a result of the escalating US-China trade war are driving the rise in prices of gold with a weaker dollar adding to the momentum.Chainani further said, “Fundamentally, markets are pricing in increased geopolitical risks, fueled by US trade tensions and stagflation concerns, while persistent central bank demand adds to price pressures.”Gold as a safe haven assetIn India as well as in the world, gold has long been seen as a safe haven asset that people have flocked to in times of economic and market volatality.Owing to its intrinsic value and universal appeal, gold has often served as a hedge against inflation and shaky markets.In the international market, gold prices touched a record high of $3,494.66 per ounce on Monday, according to Reuters.In India, gold has delivered an annualised return of about 13.8 per cent comparable to BSE Sensex’s 14.1 per cent returns, as per Moneycontrol.However, gold has provided a counterbalance during turbulent times like the current phase when Trump’s policies have shaken up markets.Trump’s attacks on the Federal Reserve plunged the US markets on Monday. By the end of the trading day, the Dow Jones was down 2.5 per cent, the S&P 500 was down 2.4 per cent, and the NASDAQ was down 2.6 per cent.STORY CONTINUES BELOW THIS ADEnd of Article
Continue reading here:
As Trump shakes markets, gold prices hit all-time high of Rs 1 lakh
