Chennai: Gold prices touched Rs 1,04,550 per 10 gm in the Delhi spot market and Rs 1,02,155 at the Multi Commodity Exchange as a weak rupee supported the metal amidst trade uncertainties. In the international market, gold moved up but was still lower than the record high levels.In the international market, gold made an intra-day high of $3397 per ounce. The yellow metal had touched an all-time high level of $3500 on April 21. “Gold rebounded on Thursday, hitting a two-week high as safe-haven demand climbed amid escalating tariff tensions and growing expectations of Federal Reserve rate cuts. President Trump announced sweeping new tariffs targeting semiconductors, Indian imports, and Brazilian goods, reviving fears of global trade disruption,” said Ajay Kedia, MD, Kedia Commodities. At the same time, sluggish US data and a cooling labour market have solidified market bets on a September Fed cut. Though the market has already discounted the September rate cut, any cut beyond that should further support gold, he added. In the Indian market, the weakness of rupee saw gold prices moving up to make new highs. Gold had made a fresh high two days before as well. However, at Rs 1,15,417 per kg, silver prices were still lower than their all-time high of Rs 1,16,641 on July 23. While the uncertainties remain, gold prices have room to move up to Rs 1,04,500 in the MCX in a month’s time. On the downside, the key support will be Rs 98,600.
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