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    Home / News / Business News / Gold prices hit new high amid US-China trade war worries
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    Gold prices hit new high amid US-China trade war worries
    In India, MCX Gold hit a fresh record high of ₹96,747 per 10 grams

    Gold prices hit new high amid US-China trade war worries

    By Mudit Dube
    Apr 21, 2025
    10:45 am

    What's the story

    Gold prices hit an all-time high on Monday, propelled by fears of global economic growth amid the intensifying US-China trade war. The rally was also supported by a weaker dollar.

    Spot gold climbed 1.7% to $3,383.87 per ounce, after touching a record high of $3,384 earlier in the session.

    Meanwhile, US gold futures firmed 2% to $3,396 per ounce.

    In India, MCX Gold hit a fresh record high of ₹96,747 per 10 grams earlier today.

    Market dynamics

    Dollar index hits 3-year low, boosting gold's appeal

    The dollar index dropped to a three-year low, making gold more attractive for holders of other currencies.

    "Fundamentally, markets are pricing in heightened geopolitical risks, driven by US tariff tensions and stagflation concerns," said Yeap Jun Rong, IG market strategist.

    He added that "resilient central bank demand offers an added tailwind for prices as well."

    Trade tensions

    US-China trade tensions and geopolitical issues boost gold demand

    US President Donald Trump announced "reciprocal tariffs" on dozens of countries on April 2.

    While his administration has paused levies for some countries, it has intensified its trade battle with China.

    China has warned countries against making a broader economic deal with the US at its expense.

    These escalating tensions have led to increased demand for gold as a safe-haven asset.

    Market forecast

    Geopolitical tensions and gold's future trajectory

    Rong suggested that "the next potential milestone for gold could be around the $3,500 level," although he noted that positioning may appear crowded in the near term.

    Technical indicators also suggest near-term overbought conditions.

    In other precious metals, spot silver added 0.3% to $32.66 an ounce, platinum gained 0.3% to $969.68 while palladium fell 0.3% to $959.43 per ounce.

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