Gold rose 0.09% to ₹82,304 amid former US President Donald Trump’s escalating tariff threats. He reiterated a 25% tariff on imports from Mexico and Canada, while also exploring additional duties on Chinese goods. The US economy slowed in Q4, but consumer spending grew at its fastest pace in nearly two years.
Despite record prices, India’s demand for gold remained weak, with domestic traders offering discounts of $35 per ounce, slightly down from the previous week’s $38 discount. Asian trade was subdued due to the Lunar New Year holiday. Swiss gold exports to China also fell 74% in December. However, central banks remained strong buyers, with Poland increasing its holdings by 21 tonnes. And the Reserve Bank of India added another 8 tonnes, bringing its net purchases to 73 tonnes in 2024. China’s central bank also expanded its gold reserves for the second consecutive month, reflecting strong official demand.
