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Gold held steady on Friday after hitting a record high due to persistent uncertainty over US tariffs, fears of trade tensions, and increased expectations of the Federal Reserve easing monetary policy. International gold prices reached $2,986.45 an ounce after hitting a record high of $2,989.
46, within touching distance of the $3,000 an ounce milestone, according to a report by news agency Reuters. Also Read: Piyush Goyal asks exporters to come out of their protectionist mindset Meanwhile, gold futures in India on the Multi Commodity Exchange (MCX) hit ₹ 87,775. US gold futures, in particular, rose by 0.
3% to $2,999.50. This comes as trade war fears skyrocketed after US President Donald Trump threatened to charge a 200% tariff on imports of European wines and spirits after the European Union (EU) responded to US tariffs on steel and aluminium by imposing a 50% tax on American whiskey, according to the report.
Also Read: Baba Ramdev's Patanjali Ayurved enters insurance sector Additionally US Labor Department data showed that consumer prices remained unexpectedly unchanged in February, while it had risen 0.2% last month after accelerating 0.5% in January.
All of this drove up the prices of the yellow metal, which is seen as a safe haven asset, serving as a hedge against against political risks and inflation. Markets are also awaiting the US Federal Reserve's monetary policy meeting next Wednesday, with the current expectations being it may keep its benchmark overnight interest rate in the 4.25%-4.
50% range, according to the report Also Read: Urban Company offers ‘Insta Maids’ for domestic help service Russia's President Vladimir Putin had also said on Thursday that the country supported the US proposal for a ceasefire in Ukraine in principle, but also sought a number of clarifications and conditions that appeared to rule out a quick end to the fighting..
