Gold prices advanced amid heightened global economic uncertainty and abrupt changes in U.S. trade policy. On Friday, the U.S. Supreme Court declared former President Donald Trump’s broad tariffs illegal and struck them down. Following the ruling, Trump announced a new 10% tariff on the entire world, increasing volatility across markets.
On Friday, gold prices rose more than 1%. The gains were also supported by weaker-than-expected U.S. GDP data. Investors increased allocations to gold after the Supreme Court’s decision on tariffs and Trump’s announcement of new global tariffs.
In the international market, spot gold rose about 1.5% to $5,071.48 per ounce. U.S. gold futures for April delivery closed 1.7% higher at $5,080.90. The fourth-quarter annualized growth rate of the U.S. economy slowed to 1.4%, significantly below market estimates. The weaker GDP data provided additional support to gold.
In the Indian market, gold prices also firmed. On the Multi Commodity Exchange, the April futures contract rose 0.07% to close at Rs 1,56,993 per 10 grams. According to the Indian Bullion and Jewellers Association, gold prices for various carats were as follows:
24 carat gold: Rs 1,55,066 per 10 grams
23 carat gold: Rs 1,54,445 per 10 grams
22 carat gold: Rs 1,42,040 per 10 grams
18 carat gold: Rs 1,16,300 per 10 grams
14 carat gold: Rs 90,714 per 10 grams
Trading did not take place on Saturday as the MCX remained closed. Following the U.S. Supreme Court’s ruling, investors adopted a cautious approach toward new trade policies and potential tariff changes. Analysts said that if global trade tensions increase, gold demand could strengthen further.
