New Delhi— Gold prices soared to a record high on Tuesday amid rising tensions between U.S. President Donald Trump and Federal Reserve Chairman Jerome Powell over interest rate cuts. The sharp rally was also fueled by a weakening U.S. dollar.
At the Multi Commodity Exchange (MCX), gold futures for June 2025 delivery opened at ₹98,753 per 10 grams and surged within minutes to hit a new intraday record of ₹99,178 per 10 grams — its highest level ever recorded on the exchange.
According to Anuj Gupta, Head of Commodity & Currency at HDFC Securities, “President Trump’s recent criticism of Jerome Powell has pushed the U.S. dollar to a three-year low, which is a key driver behind today’s rally in gold prices.”
The ongoing global economic uncertainty, further intensified by U.S.-China trade tensions, has led investors to seek refuge in gold, traditionally seen as a safe-haven asset.
DeVere Group CEO Nigel Green commented, “Trump wants aggressive rate cuts, but Powell refuses to bow to pressure. The standoff between the two has become public, and global investors are no longer waiting to see how it ends.”
Jatin Trivedi, Vice President and Research Analyst – Commodities and Currency at LKP Securities, said, “The new week started with robust buying, pushing gold prices to historic highs. COMEX gold touched the $3,500 mark, while MCX gold posted a lifetime high.”
As the standoff in U.S. monetary policy deepens, analysts predict continued volatility in global markets, with gold likely to remain a favored asset for investors seeking stability.
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