Gold Prices Plunge Over ₹1,400 After Trump’s Tariff Announcement
The price of gold on the MCX fell by 1.38% after US President Donald Trump announced a complete tariff exemption on the metal, though prices remain above ₹1 lakh per 10 grams.
- Gold prices on the Multi Commodity Exchange (MCX) plummeted by over ₹1,400, falling to ₹1,00,389 per 10 grams, after US President Donald Trump announced a complete tariff exemption on gold.
- This is a significant drop from its all-time high of ₹1,02,250, though the price remains above the ₹1 lakh mark.
- In the Delhi bullion market, the price of 99.9% pure gold also saw a sharp decline of ₹900, closing at ₹1,02,520 per 10 grams on Monday.
GG News Bureau
New Delhi, 12th Aug: Gold investors received a significant update as prices plunged on the Multi Commodity Exchange (MCX) following a major announcement by US President Donald Trump. In a post on his social media account, Trump declared that gold would be completely exempt from tariffs, triggering a sharp decline in both domestic and international markets.
On Monday, the price of 99.9% pure gold on the MCX plummeted by ₹1,409 (1.38%), settling at ₹1,00,389 per 10 grams. This marks a drop of ₹1,861 from its lifetime high of ₹1,02,250, although the price still remains above the psychologically important ₹1 lakh mark. The trend continued into Tuesday, with gold futures beginning trading in negative territory.
The impact was also felt in the Delhi bullion market, where the price of 99.9% pure gold dropped by ₹900 on Monday, closing at ₹1,02,520 per 10 grams. This was a reversal from the previous Friday when prices had surged to a lifetime high of ₹1,03,420. Similarly, 99.5% pure gold also fell by ₹900 to close at ₹1,02,100 per 10 grams.
Globally, the announcement had an immediate effect, with gold futures falling by 2.48% to close at $3,404.70 per ounce, indicating a widespread reaction to the US President’s decision.
