Gold futures hit record at Rs 93,736/10g amid trade war

Gold prices on Friday touched an all-time high of Rs 93,736 per 10 grams in futures trade in line with firm global trends. On the Multi Commodity Exchange, the yellow metal contracts for June delivery hit a record high of Rs 93,736 per 10 grams in early trade.

Later, the contracts pared the gains to trade Rs 1,207 or 1.31 per cent higher at Rs 93,240 per 10 grams with an open interest of 19,722 lots.

According to analysts, risk-off sentiment gained momentum following the US announcement of a 145 per cent tariff on Chinese imports, escalating trade tensions despite US President Donald Trump's 90-day tariff pause for other countries.

Globally, gold futures increased nearly 2 per cent to hit a lifetime high of USD 3,240.20 per ounce in New York.

"On Friday, gold extended gains to a fresh record high of USD 3,240 per ounce, supported by the dollar's extended decline to near three-year lows and persistent safe-haven buying.

"Geopolitical instability in the Middle East also supported safe-haven demand for gold," Kaynat Chainwala, AVP-Commodity Research at Kotak Securities, said.