Trump's tariff: Gold price surges for fourth week. Is it right time to invest?
On Tuesday, July 15, Gold prices traded higher driven by heightened global trade tensions that boosted demand for safe-haven assets. As of 0635 GMT, spot gold rose 0.5 per cent to $3,359.01 per ounce, while U.S. gold futures edged up 0.3% to $3,368.20.
Back home, the yellow metal inched up in early morning trade on Tuesday. MCX Gold futures for August 5 delivery were up by 0.12 per cent at ₹ 97,896 per 10 grams, while MCX Silver futures for September 5 delivery were trading 0.54% lower at ₹ 1,12,330 per kilogram during the same period.
Anuj Gupta, Director, Ya Wealth Research & Advisory, says that safe haven demand against uncertainty provide support to the gold prices. The latest surge in prices is being fueled by renewed safe-haven demand, as uncertainty deepens around Trump's aggressive trade tactics and escalating US-Russia tensions.
Reports suggest that Trump is preparing to send offensive weapons to Ukraine, which risks intensifying the ongoing conflict with Russia.
In addition, the US administration is drafting a sanctions bill that could grant Trump sweeping authority to punish Russia and any nation supporting its war efforts. Proposed tariffs include a massive 500 per cent duty on countries aiding Russia, potentially impacting China, India, and Brazil.
According to Sugandha Sachdeva- Founder-SS WealthStreet, price outlook suggests that gold remains well-supported at $3,280 per ounce in the international market, with potential to move higher towards $3,445–$3,450 per ounce in the coming sessions.
' On the domestic front, support lies near Rs.96,000 per 10gm, while prices are expected to head towards Rs.98,800 per 10gm initially. A breakout above this could pave the way for a retest of the Rs.1,00,000 mark. All eyes would now be on the US June consumer and producer price index data as well as the US Fed meeting lined up towards the end of this month, which is likely to provide further cues for the precious metal. Trade-related headlines will also continue to dominate sentiment and influence gold's trajectory,' Sachdeva said.
Sachdeva further recommended investors to remain alert to macro developments, as they will be critical in shaping the next leg of gold's move, as volatility rises.
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