Gold Prices Rally Nearly 2% in Domestic Futures Trade
New Delhi, February 23: Gold prices surged sharply in futures trading on Monday, tracking strong international trends as renewed global trade concerns pushed investors toward safe haven assets.On the Multi Commodity Exchange, gold futures for April delivery climbed ₹2,946, or 1.88 percent, to ₹1,59,822 per 10 grams. The contract witnessed a trading volume of 7,515 lots, reflecting active participation amid heightened volatility in global markets.
The rally comes at a time when geopolitical and trade uncertainties are influencing commodity markets, leading to increased buying interest in bullion.
International Gold Prices Mirror Uptrend
The domestic surge followed a strong move in global markets. On the Comex, gold futures advanced by USD 96.61, or 1.9 percent, to USD 5,177.51 per ounce.According to Jigar Trivedi, Senior Research Analyst at Indusind Securities, international gold prices strengthened due to renewed trade concerns, which prompted investors to shift funds into safe haven assets.
Trade Tensions and Geopolitical Risks Support Bullion
On Saturday, US President Donald Trump announced plans to raise global tariffs from 10 percent to 15 percent after the US Supreme Court rejected his reciprocal tariffs. Trump stated that the revised tariffs would take immediate effect, although it remained unclear whether any official document had been signed.Amid these developments, India has postponed negotiations aimed at finalizing an interim trade deal with Washington, adding another layer of uncertainty to global trade dynamics.
Investors are also weighing rising geopolitical risks. Concerns over a potential US military strike on Iran have intensified, with nuclear talks currently at an impasse. However, negotiators are scheduled to meet again in Geneva on Thursday.
The combination of trade policy uncertainty and geopolitical tensions continues to drive momentum in gold prices, both in domestic and international markets.
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