Gold Price: Tariff war increased the price of gold, silver also shone; Check the latest price
Due to the US tariff war, gold prices saw a huge jump where 24 carat gold rose by Rs 1100 to Rs 89000 per 10 grams. Silver also jumped by Rs 1500 to Rs 98000 per kg. Weak US economic data and expectations of interest rate cuts supported the bullion market, due to which further rise in gold prices is possible.
Staff Editor 
Gold of 24 carat purity rose by Rs 1,100 to Rs 89,000 per 10 grams. At the same time, gold of 99.5 percent purity rose by Rs 1,100 to Rs 88,600 per 10 grams.
According to traders, US President Donald Trump confirmed imposing heavy tariffs on Canada, Mexico and China from Tuesday, after which the bullion market gained momentum. In response, China and Canada also announced retaliatory tariffs against the US, further increasing global trade tensions.
Silver also crossed Rs 98,000
The strength of gold also affected silver, which jumped by Rs 1,500 to Rs 98,000 per kg. Earlier on Monday, it closed at Rs 96,500 per kg.
Gold for April delivery on the Multi Commodity Exchange (MCX) rose by Rs 806 to Rs 86,190 per 10 grams. At the same time, silver for May delivery jumped by Rs 472 to Rs 96,482 per kg.
Gold also rises in global markets
In the international market, gold for April delivery on COMEX rose by $ 32.70 or 1.13% to reach $ 2,933.80 an ounce. At the same time, spot gold was also trading 1% higher at $ 2,921.42 an ounce.
What is the reason for the rise in gold?
According to HDFC Securities Senior Analyst Saumil Gandhi, the ISM manufacturing PMI data released in the US on Monday was weaker than expected. This further deepened the concern about the economy. Apart from this, weak housing data, rising unemployment rate and declining consumer spending report scared investors last week.
After this data, expectations have increased that the US Federal Reserve may cut interest rates soon. Lower interest rates mean that demand for non-yielding assets like gold will increase, which could lead to further rise in its prices.
