Gold of 99.5 per cent purity also increased Rs 200 to Rs 98,900 per 10 grams against the previous close of Rs 98,700 per 10 grams.
US Treasury Secretary Scott Bessent on Wednesday said the current trade standoff between the US and China could continue for a while.
Adding to this, there were reports that President Donald Trump signalled that China may receive a new tariff rate in the next “two to three weeks” while countries that are currently in the negotiation phase might see reciprocal tariffs come in if negotiations are not going the way he wants.
According to commodities market experts, remarks by Trump and Bessent help revive demand for the safe-haven bullion following a corrective slide from the all-time peak.
Meanwhile, silver prices appreciated Rs 700 to Rs 99,900 per kg on Thursday. The white metal had settled at Rs 99,200 per kg in the previous close. In futures trade, gold contracts for June delivery bounced Rs 1,046, or 1.1 per cent, to Rs 95,768 per 10 grams on the Multi Commodity Exchange. “Gold opened with a strong gap-up of over Rs 1,000, hitting Rs 95,700 on MCX, as Comex gold held firm above USD 3,300. The renewed upside came after a sharp shift in the Trump administration’s tone — indicating that tariffs may still remain a central part of the conversation before any concrete trade talks with China begin.
“This delay in diplomatic progress, coupled with uncertainty around China’s official response, continues to keep risk sentiment elevated,” Jateen Trivedi, VP Research Analyst, Commodity and Currency at LKP Securities, said.
Notably, China has yet to issue a strong or clear stance on the trade discussions, which adds to the geopolitical fog, Trivedi added.
Globally, spot gold rose USD 47.16, or 1.43 per cent, to USD 3,335.50 per ounce.
“Gold prices rose after a short-lived correction triggered by profit booking as the metal hit record highs but quickly rebounded as President Donald Trump’s frequent shifts in trade policy unsettled investor sentiment.
“This resulted in uncertainty around the US economic outlook which has boosted demand for gold as a safe-haven asset,” Abans Financial Services’ Chief Executive Officer Chintan Mehta said.
According to Kotak Securities’ AVP of Commodity Research Kaynat Chainwala, upcoming US macroeconomic data, including jobless claims, and durable goods orders could influence bullion prices direction later in the day.
Spot silver in the Asian trading hours fell 0.48 per cent to USD 33.42 per ounce.
