Gold price today: Gold rates climbed in the domestic futures market Monday morning as a fresh escalation in tensions between Russia and Ukraine and US President Donald Trump’s threat to double tariffs on steel and aluminium imports boosted demand for safe-haven assets. The dollar’s decline and an uptick in domestic spot demand also supported futures prices. MCX Gold August 5 contracts traded 0.26 per cent higher at ₹96,125 per 10 grams around 9:10 AM.
According to news agency Reuters, Ukraine’s Security Service of Ukraine (SBU), the nation’s domestic security agency, carried out a massive drone attack against Russia on Sunday.
Meanwhile, Russia and Ukraine are likely to meet on Monday in Istanbul for peace talks. This will be their second round of direct peace talks since 2022.
Trump on Friday said he may raise tariffs on steel and aluminium imports to 50 per cent from the current 25 per cent, raising concerns that the US trade war with its trading allies may be far from over.
There are also reports that indicate issues in the US-China trade deal. Bloomberg reported that “China has accused the US of violating their recent trade deal and vowed to take measures to defend its interests.”
(This is a developing story. Please check back for fresh updates.)
