 "Gold to scale Rs 1 lakh soon due to Donald Trump tariffs? What we know")
Is gold headed for Rs 1 lakh in 2025?
That’s what everyone is wondering.
This comes in the backdrop of US President Donald Trump set to unveil his tariffs – which he has described as ‘Liberation Day’ for the United States.
But what do we know? What do experts say?
Let’s take a closer look:
What happened?
Gold in 2024 witnessed a spectacular run.
As per Moneycontrol, the precious metal – widely considered a hedge against inflation – last year gave returns of over 20 per cent.
In 2025, gold has enjoyed an equally impressive run.
On January 1, gold was at Rs 79,390 per 10 grams.
On Tuesday (April 1), the precious metal surged by Rs 2,000 to hit its highest level in two months to settle at Rs 94,150 per 10 grams.
The previous record one-day jump in gold price was recorded on February 10 when it gained Rs 2,400 per 10 grams.
That’s an appreciation of Rs 14,760 or 18.6 per cent.
Today, (April 2), gold was at Rs 90,920 for 10 gm in the morning trade, Moneycontrol quoted data from the India Bullion and Jewellers Association Ltd (IBJA) as showing.
In the international market, spot gold climbed to hit a fresh peak of $3,149.03 per ounce.
What do experts say?
That gold’s spectacular performance is due to Trump’s trade policies .
As Chirag Mehta, Chief Investment Officer, Quantum Mutual Fund, told Moneycontrol, “Since the onset of his campaign, President Trump has consistently promoted the ‘America First’ policy, with imposing tariffs on foreign nations being a central aspect of his economic agenda.”
“These persistent trade tensions heightened concerns about a potential economic slowdown, prompting investors to flock towards assets like gold.”
They say that gold is living up to its reputation as a safe haven.
“Traders are waiting for US tariff announcements but overall bullish structure is intact for precious metals due to global uncertainty,” Manoj Jain, director of Prithvi Finmart, told Moneycontrol.
We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and the US trade tariff fears,” Jain added.
“Gold (prices) have surged to a record high… for the 4th successive session, driven by escalating concerns over potential US trade tariffs. President Trump’s planned levies on all trading partners, set for announcement on Wednesday, have heightened fears of retaliatory measures and global economic instability,” according to Kotak Securities.
This geopolitical uncertainty, coupled with Trump’s volatile stance on the Russia-Ukraine conflict, is fuelling safe-haven demand for gold, the brokerage firm said in a note.
“Investors appear to believe that a tariff-driven slowdown in US economic growth will push the US Federal Reserve to resume its rate-cutting cycle soon, bolstering traders sentiment and contributing to gold’s bull run,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
“Gold and silver prices are trading slightly higher today (April 2) on the international bourses. We expect precious metals prices on Indian bourses to trade range-bound to slightly higher for the day, as the market took a break from a record-setting run ahead of US President Donald Trump’s implementation of sweeping “reciprocal” tariffs, which are expected to take effect later Wednesday,” Nirmal Bang Securities said in a note as per Moneycontrol.
“Trump tariffs will lead to stagflation and a weak dollar index in the next few months, and maybe a recession by the end of the year, which will support gold prices in the coming months. An increasing number of people want to have a little bit of gold for insurance. On the downside, prices would be supported around $2,800 and $2,700,” Prithviraj Kothari, Managing Director of RiddiSiddhi Bullions Limited (RSBL), told Zee Biz.
Prathamesh Mallya, DVP-Research, Angel One Ltd, added, “Gold has been trading in a bullish mode for quite some time as countries deal with tariff wars, economic slowdowns, and interest rate cuts. These factors have significantly boosted demand for safe-haven assets like gold.”
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