Gold prices hit a record high on Friday on increased safe-haven demand amid uncertainty over US tariffs and trade tensions. Hopes of monetary policy easing by the US Federal Reserve also boosted appeal for the yellow metal.
Spot gold eased 0.1% to $2,983.78 an ounce, after hitting a record high of $2,990.09 earlier in the session, within touching distance of the key $3,000 milestone. Bullion is set for recording a second straight weekly rise, with a 2.5% gain so far. US gold futures rose 0.2% to $2,996.70.
Spot silver eased 0.2% to $33.72 an ounce, platinum firmed 0.1% to $995.30, and palladium gained 0.7% to $964.32.
On the domestic front, the Indian stock market and commodity markets are closed today, March 14, on account of Holi 2025. However, the commodity markets will open for the evening session at 5 PM.
MCX gold prices ended flat at ₹87,775 per 10 grams on Thursday. MCX silver prices eased by ₹95, or 0.09%, to close at ₹1,00,450 per kg.
Inflation Fears
US President Donald Trump’s multi-front trade war has stoked inflation fears along with worries over recession in the world’s largest economy. This led gold to reach multiple record highs in 2025 as the yellow metal is seen as a hedge against political risks and inflation.
The European Union responded to blanket US tariffs on steel and aluminium by imposing a 50% tax on American whiskey exports, prompting the president to threaten on Truth Social to charge a 200% tariff on imports of European wines and spirits, Reuters reported.
Fed Policy Eyed
Market participants now await the US Federal Reserve’s monetary policy meeting next Wednesday. The US central bank is expected to keep its benchmark overnight interest rate in the 4.25% – 4.50% range. Non-yielding bullion thrives in a low interest rate environment.
(With inputs from Reuters)
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