Gold crosses ₹95,000 mark amid tariff woes

THE continuing weakness of the dollar coupled with the rising trade tension between the US and China -- with the former hiking import duties on shipments from the latter to 245% from 125% -- has led to the safe haven asset gold hitting a new high, going past the $3,300/ounce-mark in the global markets and scaling past the ₹95,000/10 gram mark (for 24 carat) in the domestic market on Wednesday.

- BENN KOCHUVEEDAN @ Mumbai

The domestic price movement is due to the upcoming festival Akshaya Tritiya falling on April 30, traders said. On the MCX, gold (June futures) opened higher at ₹94,573 from the previous close of ₹93,451 and went on to jump as much as by ₹1,984, or 2.12%, to hit a record high of ₹95,435/10 grams.