Chennai: Gold in the domestic spot market has taken a strong stance against the United States in the trade war, with the volume in the domestic spot market closer to Rs 10,000.
In the Delhi gold bar market, 24 carat gold was priced at Rs 99,700 on Monday, while on Saturday it was priced at Rs 98,300, an increase of Rs 1,400 per 10 grams in the last meeting. The price of silver is from Rs 98,000 on Saturday at Rs 98,500.
In the multi-commodity exchange, gold hit $3,424 in the international market around Indian time around 7pm on Monday, with gold selling at $3,400 per ounce and $3,400 per ounce, and gold rose to Rs 97,236 per 10 grams. Gold opened at $3,370 on Monday, with immediate resistance of $3,425, followed by $3,450.
While the market has been expecting China to relax its position and sit at the U.S. at the negotiating table with the U.S., its Commerce Department said it “resolutely opposes” countries that have reached a broader economic deal with the U.S., which harms its interests.
“Seeking one’s own temporary selfish interests at the expense of others is seeking the skin of a tiger,” Beijing said. China’s warning is in China in reports of the Trump administration’s plan to seek tariff negotiations from the United States to restrict the collection of trade with China. Several countries, including Southeast Asia, Japan and India, are reaching bilateral trade agreements with China. These have sparked fear of exacerbating the trade war.
In addition, China has also reportedly tried to increase its services trade and expand AI ancillary services, indicating that it hopes to reduce its reliance on trade in goods with the United States.
“The U.S. dollar index is falling, at its lowest level since 2022. Uncertainty, central bank purchases and ETF purchases still support gold, and metals have appreciated 36% since January,” said Ajay Kedia of Cadia Commodity.
If tensions persist, gold is expected to exceed Rs 1 lakh in the next few meetings of the domestic spot market. In MCX, gold may reach Rs 99,000 in the medium term.
“But if the armistice between China and the United States becomes easy and the trade war is urgency. We hope global communities and industries put pressure on the positions of both countries in the coming weeks. We also hope organizations and groups such as organizations and organizations, such as the WTO, G7 and G20, to seek a friendly solution,” Kedia said.
