Gold prices rose 0.32% to ₹87,554 on the back of continued uncertainty over US tariffs and their potential to dampen global economic growth. Also, Hong Kong’s gold imports from China rose 7.5% to 14.851 metric tonnes in February from 13.816 tonnes in January, indicating steady demand from the world’s largest gold consumer.
The Fed kept interest rates unchanged but hinted at a quarter-point cut, which would boost gold’s appeal as lower interest rates typically depreciate the dollar. However, demand in India eased as local prices hit an all-time high, resulting in the biggest discount in more than eight months, to $41 an ounce. Gold imports in February are forecast to fall 85% year-on-year, the lowest in 20 years. The World Gold Council has forecast that India’s gold consumption will decline to 700–800 metric tons in 2025, from a nine-year high of 802.8 tons this year.
