Gold price jumps Rs 1,600 per 10 gm on Trump's latest tariff threat; YTD gains swell to Rs 24,400
The October gold futures hit the day's high of Rs 1,01,344 per 10 gram while the yellow metal prices on the COMEX were hovering near $3,428.40 per troy ounce, gaining by $28.60 or 0.84% around 9 pm India time.
"India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits. They don't care how many people in Ukraine are being killed by the Russian War Machine," Trump said in a post on Truth Social. "Because of this, I will be substantially raising the Tariff paid by India to the USA," he added.
Commenting on the day's action, Anuj Gupta, Director at Ya Wealth Global Research said that the sharp spike in gold prices in India are primarily due to the Trump comment. The Rupee is expected to fall sharply against the US dollar on Tuesday when the currency market resumes trading, he said.
While the tariffs on US' trading partners including India will become effective from August 7, the latest remarks on raising tariffs further from the current 25% has triggered a rush to the safe haven investment, Gupta opined.
Gold prices in India have increased by over Rs 24,400 or nearly 32% in 2025 so far, Gupta said, estimating a further upside.
The Indian rupee extended its decline against the U.S. dollar on Monday, closing the day at 87.6550 to the dollar, compared with Friday's close of 87.5400. The INR has been under pressure on account of persistent foreign outflows and sustained dollar demand from importers, particularly state-run oil companies.
Gupta expects the rupee to slip below 88. He suggested buying
MCX gold
at Rs 1,00,500 with a stop loss of Rs 99,500 and target of Rs 1,02,500.
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