Gold Futures Drop: Rs 1.61 Lakh/10g

New Delhi, Feb 24 (PTI) Gold prices dropped 0.31 per cent to Rs 1.61 lakh per 10 grams in the futures trade on Tuesday amid global uncertainties triggered by US tariffs.

On the Multi Commodity Exchange, the yellow metal for April delivery depreciated by Rs 496, or 0.31 per cent, to Rs 1,61,102 per 10 grams in a business turnover of 7,587 lots.

In the global market, Comex gold futures for April contract declined USD 28.16, or 0.54 per cent, to USD 5,197.44 per ounce.


"Gold slipped below USD 5,200, as investors booked profits following a four-session advance driven by trade policy uncertainty and Middle East tensions. Despite the pullback, bullion remains supported by hedging demand amid fiscal risks, while markets await key US confidence and manufacturing index," brokerage firm Kotak Securities said.

The Trump administration is seeking to revive its global tariff agenda after the Supreme Court last week blocked many of the levies imposed last year.

Following the decision, President Donald Trump announced a new 10 per cent tariff, which takes effect from Tuesday. He has also threatened to raise it to 15 per cent.

This comes as many countries reassess their trade positions after the ruling. The EU has halted the ratification process of its trade agreement, while India deferred talks with the US.