Kolkata: Gold crossed the ₹85,000 mark for the first time on Monday in the physical market as safe-haven demand for the metal surged on fears of a global trade war after US President Donald Trump announced new tariff plans. The precious metal was trading at ₹85,665 per 10 gm, up from ₹84, 699 per 10 gm last Friday, according to India Bullion & Jewellers Association (IBJA), the apex trade body, whose bullion rates are recognised by the Reserve Bank of India.
The rising prices of the yellow metal dampened the consumer sentiment ahead of the March wedding season. Jewellers said that demand has dropped by 25 to 30% in the last ten days compared to January as prices of the precious have surged almost every day.
Gold prices have hit fresh highs in the international markets in today’s trading session, which has pushed up prices in the Indian market. The key factor pushing gold prices upwards is the latest tariff threats by US President Trump that are boosting the demand for safe-haven assets like gold.
