Gold went up in the physical market by Rs 1,048 per 10 gm on Monday to Rs 87,891 per 10 gm in the physical market from a closing price of Rs 86,843 on Thursday, a rise of 1.2 per cent. The gold market was closed on Friday due to Holi. Families, which have weddings in March, are in trouble as gold prices are moving up almost every day.
Gold prices have risen by 14 per cent in the last two and a half months
“Gold has cleared the $3000 (Rs 88000) milestone target driven by risk aversion. Gold prices have almost risen 14% y-t-d in 2025 in just two-and-a half months since then, on Trump tariff uncertainty and its expected implications on the US economy and the whole world,” said Renisha Chainani, Head – Research, Augmont Gold.
“Stagflation fears have also propelled the recent surge in gold. Consumer sentiment in the United States fell to a nearly 2-1/2-year low in March, while inflation expectations rose amid fears that President Donald Trump’s reciprocal tariffs, which have sparked a trade war, will raise prices and harm the economy. Traders anticipate three 25-bps Fed rate cuts for the June, July, and October monetary policy meetings. Geopolitical tensions have also been persistent, supporting safe-haven buying in the gold on every dip. It seems the gold rally has some steam left to head higher towards $3035 (Rs 88800) and $3080 (Rs 90000),” she said.Gold prices surged to new highs above Rs 88,000 in the Multi-Commodity Exchange, supported by Comex gold crossing the $3,000 mark. “The rally is fuelled by continued US tariffs on various products across multiple countries, with the latest focus on European goods like alcohol and cognac. These tariff concerns are keeping market participants cautious, driving sustained gold buying. This week, key events such as US retail sales data and the Fed’s policy meeting and statement will be crucial in determining the next move for gold. The price range has shifted higher to Rs 87,250–Rs 88,650,” said Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities.
