A historic decision of the US Supreme Court has created a stir in the markets all over the world. The court canceled the tariffs imposed by President Donald Trump, declaring them completely illegal. Immediately after this setback, Trump did not accept defeat and imposed a new global tariff of 10 percent on the entire world. This sudden geopolitical change is directly impacting the pockets of the common man. There was panic among investors amid weak US GDP data and the announcement of new global tariffs. Investors rushed towards gold in search of safe investment, due to which a huge jump in its prices was recorded at the international level.
Gold prices soar in the international market
In Friday’s trading session, gold prices saw a strong rise of more than one percent. By afternoon, spot gold jumped by 1.5 percent and crossed $ 5,071.48 an ounce. Investors have completely accepted Trump’s new bet after the decision of the US Supreme Court.
The shine of this yellow metal is continuously increasing in foreign markets. American gold futures for April delivery also did not lag behind and registered an impressive gain of 1.7 percent. These futures closed at a high level of $5,080.90.
Today’s latest price in Indian bullion market
The clear impact of this international boom was also visible on India’s Multi Commodity Exchange (MCX). On Friday, April future contract closed at Rs 1,56,993 per 10 grams with a slight increase of 0.07 percent. Earlier on February 19, this figure was Rs 1,56,876. Due to it being Saturday, trading on MCX is closed today.
According to Good Returns, today gold prices are skyrocketing in major cities of the country. In the capital Delhi and Lucknow of Uttar Pradesh, the price of 24 carat gold has reached Rs 1,59,430 per 10 grams. Whereas in Chennai this figure is highest at Rs 1,60,150. In Mumbai, Kolkata and Hyderabad, 24 carat gold is available at Rs 1,59,280.
In Ahmedabad, Gujarat, the price of 24 carat gold has been recorded at Rs 1,59,330 and the price of 22 carat gold has been recorded at Rs 1,46,050. Even in Patna, the capital of Bihar, 24 carat gold is being sold at the price of Rs 1,59,330. Due to continuously rising prices, the budget of common buyers can get completely spoiled during the wedding season.
Silver also gained momentum
Following the path of gold, a tremendous rise is being seen in the prices of silver too. Today in major cities like Delhi, Mumbai and Kolkata, 10 grams of silver is being sold at the rate of Rs 2,750. If a customer wants to buy 100 grams of silver, he will have to spend Rs 27,500 from his pocket. In Chennai, the major city of South India, the price of silver is higher than in other parts of the country. Here the price of 10 grams of silver is Rs 2,900.