Gold at record high: Gold prices on Friday reached their highest level since October and are likely to rise for the fourth consecutive week. This rise in gold has come due to US President Donald Trump’s appeal to reduce interest rates and uncertainty about his trade policies. The spot price of gold rose 0.7 percent to $ 2,774.19 an ounce. Prices are at their highest level since October 31. On the other hand, All India Bullion Association said that gold of 99.9 percent purity rose by Rs 200 to reach a new all-time high of Rs 83,100 per 10 grams.
On October 31, the price of gold had reached a record high of $2,790.15. US gold futures for February delivery rose 0.6 per cent to $2,781.40 an ounce. The dollar fell to a one-month low, making gold cheaper for foreign buyers.
Independent analyst Ross Norman said gold’s move to its new all-time high coincided with a decline in the dollar. The dollar weakened after Trump’s comments in which he indicated that he may take a soft stance on tariffs and agree on a trade deal with China.
On Thursday, Trump said at the World Economic Forum, ‘We are likely to see the price of gold reach $3,175 by 2025.’ He said that he would like the interest rates to be reduced immediately. In an interview with Fox News, Trump said he would prefer not to impose tariffs on China. Spot silver was up 1.4 per cent at $30.87 an ounce, palladium was up 0.8 per cent at $999.09 and platinum was up 1 per cent at $952.29. These three metals are ready for weekly gains.