Gold Futures Rally: Rs 1.59 Lakh/10gm on Global Cues

New Delhi, Feb 23 (PTI) Gold surged by Rs 2,946 to Rs 1,59,822 per 10 gram in the futures trade on Monday, tracking strong trends in the international market amid renewed global tariff worries.

On the Multi Commodity Exchange (MCX), gold futures for April delivery rallied by Rs 2,946 or 1.88 per cent, to Rs 1,59,822 per 10 grams in a business turnover of 7,515 lots.

In the international market, gold futures on the Comex advanced USD 96.61, or 1.9 per cent, to USD 5,177.51 per ounce.

According to Jigar Trivedi, Senior Research Analyst at Indusind Securities, gold climbed in the international market, as renewed tariff worries prompted a rush to safe-haven assets.


On Saturday, US President Donald Trump announced plans to raise global tariffs from 10 per cent to 15 per cent, following the US Supreme Court's rejection of his "reciprocal tariffs".

Trump confirmed the new duties would take effect immediately, although it remained unclear whether he had signed any official document.

Amid this, India postponed negotiations aimed at finalising an interim trade deal with Washington.

"Investors also faced growing fears of a potential US military strike on Iran, with nuclear talks at an impasse. However, negotiators are scheduled to meet again in Geneva on Thursday," he said.