Gold Price of 4 Feb, reach to high records of Rs 85,520 per 10gram. The Gold Price Today reached a high in international markets because of global trade war fears. It pushed the price of yellow metal to Rs 84,500 per 10 grams on the Multi Commodities Exchange. The rate were around Rs 82,500 per 10 gram in bullion market of city, but its cross the levels now. With 10 gram gold rate of Rs 85,520, it reach to highest metal and make gold as precious metal of India.
Trade War Behind Gold Price Today to Highest Levels
Gold prices have reach to highest levels, since the Trump’s inauguration as US President and it threatens the tariffs on biggest trading partners of country. Prathamesh Mallya of brokerage firm Angel One has state that “Bullion is a safe investment option during times of economic and geopolitical turmoil. US Federal Reserve chief Jerome Powell also state, “There will be no rush to reduce interest rates again.
It contradicting the trump’s calls, and say he wants to reduce borrowing costs. Due to this, the gold rate in market reach to top heights globally. Gold rate in international market has reach from $2,730 on Jan 20 to $2,864 in mid-session on Monday, and make rise of 5%.
Related : Price of Gold Today in India: Check Latest Rates for 18K, 22K, 24K in Your City
US Tariffs Increase Gold Rate
Kaynat Chainwala of Kotak Securities has state that, “ gold was supported by increasing demand for safe-haven assets in previous weeks. It causes trade war fears and global retaliation. In spite of all these pressures from stronger dollar and profit-taking, gold remains resilient, ease monetary policies and reduce economic uncertainty. The US imposed 25% tariffs on Saturday on goods from Canada and Mexico and 10% tariffs imposed on goods from China. It cause hike in Gold Price Today.
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