Gold prices jumped Rs 700 to Rs 99,370 per 10 grams, while silver rallied Rs 1,500 per kg amid global trade tensions and tariff worries.
According to the All India Sarafa Association, the precious metal of 99.9 per cent purity had closed at Rs 98,670 per 10 grams on Thursday.
Gold of 99.5 per cent purity jumped by Rs 600 to Rs 98,800 per 10 grams (inclusive of all taxes). It had ended at Rs 98,200 per 10 grams in the previous market close.
In addition, silver prices rallied by Rs 1,500 to Rs 1,05,500 per kilogram (inclusive of all taxes) on Friday. The white metal had finished at Rs 1,04,000 per kg on Thursday.
“Gold climbed on Friday as rising trade worries offset a generally steady US dollar. Global risk sentiment fell in response to US President Donald Trump’s recent tariff threats, which heightened fears of a global trade war,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
President Donald Trump has announced a 35 per cent tariff on Canadian imports starting from August 1 and signalled plans for 1520 per cent blanket tariffs on other trade partners.
Tariff-related uncertainty has returned to the forefront this week and is a major factor driving investment toward safe-haven precious metals, Gandhi said.
On the market outlook, he stated that further tariff-related development will influence the trajectory for the precious metal prices in the near-term.