The US dollar continues to decline due to concerns about the intensification of the trade war between the US and China and its effects on the US economy. As a result, the record gold price increase resumed. On Wednesday, the price of gold reached a new all-time high of Indian Rupees (INR) 9,4.8 per gram.
According to data gathered by forexvisit, the price of gold is trading at INR 9,061.05 per gram at the time of writing, up from the settlement price of INR 8,895.96 on Tuesday.
In the meantime, the price of gold rose from INR 103,760.70 per tola to INR 105,686.60 per tola the day before.
Global Market Movers: Despite trade-related uncertainty, gold price bulls maintain control
Last week, US President Donald Trump reversed course and abruptly lifted his high retaliatory tariffs on the majority of US trading partners for a period of 90 days. Additionally, Trump indicated that after lowering the high tariffs on computers, smartphones, and some other devices from China, he would offer exemptions from levies relating to the automobile industry.
Trump, however, maintained 145% levies on other Chinese products and stated that the exclusions were just temporary. Trump also raised doubts by threatening to slap charges on pharmaceuticals in the near future and promising to disclose tariffs on imported chips over the course of the following week.
In contrast, China raised its import duties on the United States to 125% last Friday, escalating worries that a trade war between the two biggest economies in the world will impede global growth. The price of gold reached a new record high on Wednesday as a result of this, which also helps safe-haven assets and continues to negatively impact market mood.
Meanwhile, investors' trust in US policies and the US economy has been undermined by Trump's abrupt changes in tariff declarations. Additionally, the US dollar plunged to its lowest level since April 2022 last week due to wagers that the Fed will cut borrowing prices by 100 basis points in 2025.
China's economy grew 5.4% in the first quarter compared to the same period last year, above forecasts, according to data released earlier this Wednesday. Retail sales, industrial production, and fixed asset investment were among the other Chinese macrodata that exceeded forecasts, but they were overshadowed by growing trade tensions with the United States.
For additional hints on the interest rate path, which will be crucial in determining the dynamics of the USD price, investors are currently awaiting remarks from Fed Chair Jerome Powell. Aside from this, trade-related events ought to provide the XAU/USD pair a significant boost as it appears ready to continue its upward trajectory.
(USD/INR) to the measuring units and local currencies. The market rates used at the time of publication are used to update prices every day. Prices are merely estimates, and actual prices may differ significantly.
According to data gathered by forexvisit, the price of gold is trading at INR 9,061.05 per gram at the time of writing, up from the settlement price of INR 8,895.96 on Tuesday.
In the meantime, the price of gold rose from INR 103,760.70 per tola to INR 105,686.60 per tola the day before.
Global Market Movers: Despite trade-related uncertainty, gold price bulls maintain control
Last week, US President Donald Trump reversed course and abruptly lifted his high retaliatory tariffs on the majority of US trading partners for a period of 90 days. Additionally, Trump indicated that after lowering the high tariffs on computers, smartphones, and some other devices from China, he would offer exemptions from levies relating to the automobile industry.
Trump, however, maintained 145% levies on other Chinese products and stated that the exclusions were just temporary. Trump also raised doubts by threatening to slap charges on pharmaceuticals in the near future and promising to disclose tariffs on imported chips over the course of the following week.
In contrast, China raised its import duties on the United States to 125% last Friday, escalating worries that a trade war between the two biggest economies in the world will impede global growth. The price of gold reached a new record high on Wednesday as a result of this, which also helps safe-haven assets and continues to negatively impact market mood.
Meanwhile, investors' trust in US policies and the US economy has been undermined by Trump's abrupt changes in tariff declarations. Additionally, the US dollar plunged to its lowest level since April 2022 last week due to wagers that the Fed will cut borrowing prices by 100 basis points in 2025.
China's economy grew 5.4% in the first quarter compared to the same period last year, above forecasts, according to data released earlier this Wednesday. Retail sales, industrial production, and fixed asset investment were among the other Chinese macrodata that exceeded forecasts, but they were overshadowed by growing trade tensions with the United States.
For additional hints on the interest rate path, which will be crucial in determining the dynamics of the USD price, investors are currently awaiting remarks from Fed Chair Jerome Powell. Aside from this, trade-related events ought to provide the XAU/USD pair a significant boost as it appears ready to continue its upward trajectory.
(USD/INR) to the measuring units and local currencies. The market rates used at the time of publication are used to update prices every day. Prices are merely estimates, and actual prices may differ significantly.
