US-China trade war fuels Gold rally: Prices soar to all-time high of Rs 94,781/10g
Gold prices on Wednesday touched an all-time high of Rs 94,781 per 10 grams in futures trade in line with firm global trends.
On the Multi Commodity Exchange, the yellow metal contracts for June delivery hit a record high of Rs 94,781 per 10 grams in early trade.
Later, it pared the gains to trade Rs 1,317 or 1.41 per cent higher at Rs 94,768 per 10 grams with an open interest of 21,211 lots.
Analysts say the ongoing US-China trade war has bolstered safe-haven demand.
“The dollar remained under pressure, trading near two-year lows, which further supported the rally in gold," Rahul Kalantri, VP commodities at Mehta equities Ltd, said.
“Gold prices surged to a new all-time high…as global investors sought safe-haven assets amid growing uncertainty surrounding US trade policies," he added.
Globally, gold futures increased nearly 2 per cent to hit a lifetime high of USD 3,289.07 per ounce in New York.
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