Gold Prices Surge as Trump’s 100% Tariff Move Triggers Global Rush to Safe-Haven Assets — Check Rates in Delhi, Mumbai, Chennai & Other Cities

On Saturday, gold prices in India witnessed tremendous rise as global investors swarmed into safe-haven assets following US President Donald Trump's executive order imposing 100% tariff on goods from China. This would only add fuel to already burning trade tensions, thus enhancing volatility across financial markets and thereby pushing demand for gold and silver high.

Gold Close to ₹1.24 Lakh in Leading Indian Cities

In India, prices of 24-carat gold touched ₹1,23,700 per 10 grams in Mumbai, while 22-carat gold reached ₹1,13,390. These prices are exclusive of GST and making charges.

Similar prices were being quoted in all major cities such as Delhi, Pune, Hyderabad, Bengaluru, Kolkata, Jaipur, and Chennai.

In the meanwhile, silver coiled even more gains and was quoting ₹1,74,100 per kg in the domestic market.

📊 Prices of Gold and Silver Across Major Indian Cities - (₹ per 10g)

City 22K Gold 24K Gold

Delhi ₹1,13,540 ₹1,23,850

Jaipur ₹1,13,540 ₹1,23,850

Ahmedabad ₹1,13,440 ₹1,23,750

Pune ₹1,13,390 ₹1,23,700

Distributor: Mumbai ₹1,13,390 ₹1,23,700

Distributor: Hyderabad ₹1,13,390 ₹1,23,700

Distributor: Chennai ₹1,13,390 ₹1,23,700

Distributor: Bengaluru ₹1,13,390 ₹1,23,700

Distributor: Kolkata ₹1,13,390 ₹1,23,700

Global Gold Rally: Spot Prices Hit Record Highs

In the international market, spot gold went up 1.03% to $4,018.4 per ounce, the rally being capped by silver hitting $50 with a 1.94% surge; one of the best rallies this year.

The announcement of aggressive tariffs by Mr. Trump, along with export controls on critical software, has fuelled the global uncertainty in the market as investors are moving away from equities to safe havens like gold and silver.

Adding to the uneasy feeling were Mr. Trump’s hints of sanctioning more tariffs on November 1, thus fueling fears of a downfall to global trade and manufacturing.

Precious metals are expected by analysts to keep on appreciating in price.

According to a report from Emkay Wealth Management, silver prices are expected to rise up to 20% in the coming year, standing at a price level of $60 per ounce, led by industrial demand and a persistent global supply deficit of around 20%.

However, as of now, gold has yielded returns of over 61% year-to-date, far surpassing equities and bonds. Analysts believe expectations of US rate cuts and a weaker dollar will further extend the rally in precious metals to late 2025.

Festival Season Seen to Boost Domestic Demand

Gold still holds strong cultural and financial importance in India. Domestic prices are influenced by global rates, import duties, local taxes, and currency fluctuations.

With the wedding and festive season just about to begin, jewellery makers are optimistic about yellow metal demand staying strong—despite the record price level.