New Delhi, April 2 – Gold prices in the national capital remained steady at a record high of Rs 94,150 per 10 grams on Wednesday, amid rising concerns over retaliatory tariffs from the United States. The All India Sarafa Association confirmed that the prices for gold of 99.9 percent purity maintained Tuesday’s peak, which marked the sharpest single-day gain in two months at Rs 2,000.
Gold of 99.5 percent purity also traded unchanged at its all-time high of Rs 93,700 per 10 grams. As per agency report, traders noted that prices remained stable ahead of the potential implementation of retaliatory tariffs by US President Donald Trump targeting India and other countries.
In contrast, silver prices saw a decline, falling by Rs 1,000 to Rs 101,500 per kilogram from Tuesday’s closing level of Rs 102,500 per kilogram.
Soumil Gandhi, Senior Commodities Analyst at HDFC Securities, indicated that the looming tariff action is likely to trigger a fresh wave of volatility across all financial asset classes. He added that investors are closely assessing how the next round of tariffs may impact global trade, the broader economy, and geopolitical developments. In times of uncertainty, he noted, precious metals often serve as safe-haven assets.
On the global front, spot gold rose by 0.11 percent to trade at $3,116.86 per ounce. Meanwhile, gold futures for June delivery on COMEX remained stable at $3,149.30 per ounce. Silver in the Asian markets showed slight recovery, rising 0.52 percent to $33.87 per ounce.
Kainat Chainwala, AVP–Commodities Research at Kotak Securities, stated that market participants are also awaiting the release of US private employment data, which is expected to offer further insight into the Federal Reserve’s monetary policy stance.
