Gold futures vaulted above $5,300 per ounce in electronic trade on Wednesday, carving out fresh record highs as investors intensified their flight to safety amid escalating geopolitical tensions, a Trump-led tariff confrontation, and a pronounced deterioration in the US dollar. President Trump’s remarks signaling comfort with a weaker greenback — now at a four-year low — reinforced expectations of currency depreciation, amplifying bullion’s allure as a store of value. Policy uncertainty in Washington, including renewed tariff threats and pressure on Federal Reserve independence, further underpinned demand for precious metals. Markets also turned cautious ahead of the Federal Reserve’s policy decision, with investors parsing guidance for clues on the timing of the next rate cut. Robust central bank purchases and persistent ETF inflows added structural support to prices. On the domestic front, MCX February gold futures surged over 4%, scaling a record high of ₹1,64,900 per 10 grams.
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