Investors turned to safe-haven assets after the US announced a 25% additional tariff on Indian imports

PTI New Delhi

Gold prices rallied Rs 3,600 to hit a record high of Rs 1,02,620 per 10 grams in the national capital on Thursday as investors turned to safe-haven assets after the US administration announced a 25 per cent additional tariff on Indian imports. According to the All India Sarafa Association, the precious metal of 99.9 per cent purity had closed at Rs 99,020 per 10 grams on Wednesday.

In the national capital, gold of 99.5 per cent purity rallied by Rs 3,600 to hit a lifetime high of Rs 1,02,200 per 10 grams (inclusive of all taxes) on Thursday. It had settled at Rs 98,600 per 10 grams in the previous market close. "Gold prices have risen to the upper end of the weekly range on Thursday, driven by renewed trade concerns that have increased demand for traditional safe-haven assets.

"Additionally, the US administration imposed an additional 25 per cent tariff on Indian imports, intensifying the trade tensions between the two economies," Saumil Gandhi, Senior Analyst, Commodities at HDFC Securities, said. Also, silver prices jumped Rs 1,500 to Rs 1,14,000 per kilogram (inclusive of all taxes) on Thursday. The white metal had ended at Rs 1,12,500 per kg on Wednesday, according to the association.