Gold prices on MCX opened higher on Friday, tracking a rally in international bullion prices that reached record high level amid safe-have buying on escalating global trade war tensions.
MCX gold rate opened higher at ₹92,463 per 10 grams, and surged to a record high of ₹93,736 level.
In the international market, gold prices breached the key $3,200 per ounce level for the first time to scale a new peak on Friday.
Spot gold prices rose 1.3% at $3,216.48 an ounce. Bullion scaled an all-time peak of $3,219.73 earlier in the session, gaining over 5% for the week. US gold futures gained 1.9% to $3,236.00.
Weaker dollar and rising trade war worries sent investors rushing toward safe-haven assets such as gold.
The US dollar weakened, making greenback-priced bullion cheaper for overseas buyers.
US President Donald Trump ratcheted up tariffs on Chinese imports to 145%, but hit a 90-day pause on previously announced tariffs for dozens of countries. China has been matching each of Trump’s tariff hikes with increases of its own, sparking fears that Beijing could push tariffs on the US beyond the current 84%, Reuters reported.
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