Gold jumps ₹400 to breach ₹85,000 mark as rupee plunges: Report

Gold prices surged because of the rupee’s sharp depreciation, coupled with firm trends in the international markets, according to the report which cited traders.

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During the previous session, gold of 99.9% purity ended at ₹84,500 per 10 grams and it settled at ₹84,900 per 10 grams on Saturday.

Gold futures for April 2025 also had hit an all-time high of $2,862.90 per ounce in the international market on Friday, according to the report.

The rupee meanwhile, plunged 55 paise to close at an all-time low of 87.17 (provisional) against the US dollar as US President Donald Trump’s administration slapped tariffs on Canada, Mexico, and China, stoking fears among investors of a trade war.

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“Gold rallied positively on MCX. Participants increased gold allocations as concerns over a potential Trade War 2.0 from the US triggered safe-haven demand,” the report quoted Jateen Trivedi, VP Research Analyst of Commodity and Currency, LKP Securities, as saying.

Meanwhile, April gold futures on the MCX also had jumped by ₹1,127 to hit a record high of ₹83,360 per 10 grams when Union Finance Minister Nirmala Sitharaman presented the Union Budget 2025-26 on Saturday.

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Apart from all this, this week is also crucial for commodities with US macroeconomic data such as JOLTs job openings, ISM services, ADP employment and non-farm payroll on the cards, providing trajectory for bullion prices, the report quoted Praveen Singh, Associate VP, Fundamental Currencies and Commodities, Mirae Asset Sharekhan, as saying.