The global gold market witnessed significant turbulence after a recent statement by former U.S. President Donald Trump regarding gold imports. Until now, uncertainty loomed over whether new tariffs would be imposed on gold entering the United States. However, Trump has now put speculation to rest, affirming that no additional import duties will be introduced.
Following this announcement, gold prices plummeted sharply on the Multi Commodity Exchange (MCX), with rates dropping by more than ₹1,400 in a single session.
Steep Decline in MCX Gold Prices
Trump’s remarks also sent ripples across international markets, pushing global gold prices down by 2.48% to $3,404.70 per ounce. The Indian market mirrored this trend. On Monday, 10 grams of 999-purity gold on the MCX slumped by ₹1,409 to close at ₹1,00,389. The downtrend continued into Tuesday, with gold slipping a further ₹102 to settle at ₹1,00,220 per 10 grams.
Gold and Silver Rates on the Morning of August 13
According to the India Bullion and Jewellers Association (IBJA), 24-carat gold prices dipped below record highs to reach ₹99,670 per 10 grams on Wednesday morning. Other purity levels followed suit:
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23-carat gold: ₹99,270 per 10 grams
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22-carat gold: ₹91,298 per 10 grams
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18-carat gold: ₹74,753 per 10 grams
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14-carat gold: ₹58,307 per 10 grams
Silver also saw a sharp movement, with 999-purity silver now priced at ₹1,13,313 per kilogram.