Gold prices surged to an all-time high in the domestic futures market on Monday, driven by uncertainty surrounding US President Donald Trump’s tariff policies. On the Multi Commodity Exchange (MCX), gold futures soared to a record ₹85,469 per 10 grams before settling at ₹85,322 at 10:55 am.
Internationally, gold prices also climbed, reaching $2,878.75 per ounce, marking an increase of $17.68 or 0.62%, according to Bloomberg data.
The sharp rise in gold prices follows Trump’s decision to impose a 25% tariff on all steel and aluminium imports, as reported by Reuters. Additionally, the weakening of the Indian rupee contributed to the rally, with the currency dropping 49 paise to a historic low of 87.92 against the US dollar.
Further concerns over a potential global trade war intensified as Trump is expected to announce reciprocal tariffs on multiple countries by early next week.