Gold prices this week: Yellow metal jumps 2% to hit record high amid trade uncertainties

Gold prices advanced nearly 2%, or ₹1,680 per 10 grams, this week despite a breather on Friday, posting its ninth weekly gain on the back of tariff war worries and weak equity markets.

Riding on marriage season demand, the 22K gold jumped ₹1,350 on a weekly basis to close at ₹80,250 per 10 grams in Mumbai on Friday. The 24K gold rose by 1.95%, or ₹1,680, to ₹87,750 per 10 grams.

The 24K gold in Delhi markets gained ₹1,680 this week to settle at ₹87,900 per 10 grams on Friday. The 22K gold jumped ₹1,350 to end at ₹80,400 per 10 grams, driven by a four-day winning run this week.

Gold traded at record levels this week on firm global trends

The precious metal traded at record high levels this week driven by a firm global trend and a weak dollar. Gold started the week on a winning note adding ₹550 to ₹86,620 per 10 grams (24K) in Mumbai. Extending its gaining streak, the metal hit a fresh lifetime high of ₹87,650 per 10 grams in Mumbai on Wednesday. In Delhi, gold prices peaked at ₹87,800 per 10 grams.

On Thursday, gold scaled a new record peak of ₹88,040 per 10 grams in Mumbai, breaching the 88K mark for the first time. In Delhi, gold scaled a new high of ₹88,190 per 10 grams, up by ₹390 over the previous close.

The metal attracted profit booking on Friday after its record run, dragging the prices down by ₹290 to ₹87,750 per 10 grams in Mumbai. The 22K gold dropped ₹450 to ₹80,250 per 10 grams as high prices hit the retail demand.

Gold scaled new peak of $2,954 an ounce in global markets on trade uncertainty

Gold marked its eighth straight weekly gain in global markets as trade uncertainties fuelled its safe-haven demand. The metal hit an all-time high of $2,954 an ounce on Thursday as bulls remained active despite hawkish FOMC meeting minutes. The metal attracted profit booking on Friday dragging the metal by 0.10% to close at $2,936 an ounce.

On a weekly basis, gold advanced around 1.9%, marking its 8th week of gains in a row.

Silver slips on growth concerns

Silver prices remained range-bound this week as the tariff war fanned fears of a global growth slowdown. The US also withdrew from climate commitments, raising worries of lower demand for renewable technologies. Silver is used in renewable technologies like solar panels and equipment.

Silver traded flat in the domestic markets on most days. The white metal fell by ₹100 to close at ₹1,00,400 per kg on Friday, marking its weekly loss of ₹100 per kg.

Trade uncertainties, weak rupee aid prices

Trade uncertainty was the biggest trigger for gold this week. US President Donald Trump took on old allies like India for trade disparity and threatened to impose more tariffs on goods. Trump’s rhetoric on tariffs raised fears of a slowdown in global growth as countries may also resort to similar measures.

However, talks between the US and Russia to end the Ukraine war relieved markets hitting the safe-haven demand for gold. Gold prices usually move higher during the time of geopolitical tensions. The Ukraine-Russia war and the Israel-Hamas conflict were major triggers for gold last year.

A weak rupee also made the precious metal pricier in the domestic market. The rupee traded lower at 86 levels due to forex outflows keeping pressure on gold prices. Marriage season demand is also supporting the gold prices.