Hyderabad/New Delhi: Global demand for gold surged after U.S. President Donald Trump announced an additional 25% tariff on Indian goods, taking the total tariff burden to 50%. The move sparked fears of increased pricing across multiple sectors and triggered investor shifts toward safer assets like gold, causing a sharp rise in bullion prices.
In India, gold prices hit all-time highs. In Delhi, the price of 10 grams of pure gold jumped by Rs 3,600 in a single day to reach Rs 1,02,620, while in Hyderabad, it touched Rs 1.03 lakh. Silver prices also surged by Rs 1,500 per kilogram, reaching Rs 1.14 lakh. Internationally, gold is trading at $3,379 per ounce, while silver stands at $38.34 per ounce.
Market analysts attribute the spike to growing global economic uncertainties and trade tensions. The Indian stock markets remained volatile throughout the day, reflecting investor anxiety. Many shifted their investments toward gold, further pushing up demand and prices.
Trump also hinted at possible tariffs on other countries, including China, as part of a broader push to pressure nations into severing economic ties with Russia. When asked whether tariffs on India might be reversed if Russia and Ukraine reach a peace deal in upcoming talks, Trump said a decision would be made later. Analysts warn that these developments could further strain Indian markets in the near term.