New Delhi, February 23 Gold prices surged by Rs 2,946 to Rs 1,59,822 per 10 grams in futures trading on Monday, driven by strong trends in the international market amid renewed global trade concerns.
On the Multi Commodity Exchange (MCX), gold futures for April delivery rose by Rs 2,946 or 1.88 percent, to Rs 1,59,822 per 10 grams, in a trading volume of 7,515 lots.
In the international market, gold futures on the Comex increased by USD 96.61, or 1.9 percent, to USD 5,177.51 per ounce.
According to Jigar Trivedi, Senior Research Analyst at Indusind Securities, gold prices rose in the international market due to renewed trade concerns, prompting investors to seek safe-haven assets.
On Saturday, US President Donald Trump announced plans to raise global tariffs from 10 percent to 15 percent, following the US Supreme Court's rejection of his "reciprocal tariffs".
Trump confirmed that the new tariffs would take effect immediately, although it remained unclear whether he had signed any official document.
Amid this, India postponed negotiations aimed at finalizing 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.
