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As on : 27-Mar-2025

Other Markets - Bullion Markets
27-Mar-2025 15:11

Safe-haven demand pushes gold toward $3050 amid tariff fears

Gold edged closer to $3050 per ounce on Thursday, driven by strong safe-haven demand amid mounting geopolitical and economic uncertainties. President Trump announced a 25 percent tariff on imported cars, light trucks, and auto parts, raising concerns of a broader trade war and its global economic impact. Meanwhile, India scrapped part of its gold deposit scheme, where the government paid interest on medium- and long-term gold deposits, shifting the responsibility to banks that will now offer short-term deposits based on commercial viability. This policy change aims to reduce future government liabilities and manage risks tied to gold prices. With gold gaining over 15 percent this year, MCX gold futures for June delivery rose ₹500 to ₹88880 per 10 grams today. Investors now focus on Friday's PCE report for potential insights into the Fed's next policy move.

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