Gold Soars ₹1,950 to Record ₹1,27,950 per 10g in Delhi Amid US-China Trade Tensions
NEW DELHI: Gold prices surged by ₹1,950 on Monday, hitting an all-time high of ₹1,27,950 per 10 grams in the national capital, as escalating US-China trade tensions spurred strong safe-haven demand.
According to the All India Sarafa Association, gold of 99.9% purity had closed at ₹1,26,000 per 10 grams on Friday. Similarly, gold of 99.5% purity also jumped by ₹1,950 to reach a record ₹1,27,350 per 10 grams (inclusive of all taxes), up from ₹1,25,400 in the previous session.
“Gold prices rallied sharply as renewed US-China trade frictions reignited investor appetite for safe-haven assets,” said Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities.
The rally follows the US administration’s announcement of a 100% tariff hike on select Chinese imports and China’s counter-threat to curb rare earth exports—developments that have intensified global risk aversion.
“This wave of geopolitical tension, combined with continued demand from investors seeking safety, is keeping gold’s outlook firmly bullish,” Trivedi added.
Silver, too, witnessed a powerful upswing. The white metal jumped ₹7,500 to a record ₹1,79,000 per kg (inclusive of all taxes), compared to ₹1,71,500 on Friday, data from the Association showed.
In global markets, spot gold climbed nearly 2% to a record $4,084.99 per ounce, reflecting both festive demand and structural supply constraints.
“Bullion prices continue to scale new heights, buoyed by rising investment demand, persistent geopolitical uncertainty, and strong central bank buying,” noted Dilip Parmar, Research Analyst at HDFC Securities. He added that the ongoing bull run in precious metals is expected to persist, supported by investment momentum and seasonal demand.
Spot silver also rose sharply, gaining nearly 3% to hit an all-time high of $51.74 per ounce overseas.
“Silver prices surged over 2% past the $51 mark as investors flocked to safe-haven assets amid renewed trade concerns, political instability, and expectations of further US rate cuts,” said Jigar Trivedi, Senior Research Analyst at Reliance Securities.
The price surge follows US President Donald Trump’s threat to impose an additional 100% tariff on Chinese goods from November 1, responding to Beijing’s new export controls on rare earth minerals. However, Trump later indicated willingness to negotiate with President Xi Jinping later this month, hinting that trade ties “will be fine.”
“Market sentiment was further boosted by expectations of a 25-basis-point rate cut by the Federal Reserve this month and another in December, coupled with a tightening physical silver supply in London,” Jigar Trivedi added.
