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Below the Quote on Gold Commentary by Mr. Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial services Ltd.

Gold prices inched higher in the early Asian trade rebounding form a three-week low as investors sought safety amidst escalating trade tensions between the world's two largest economies. Benchmark 10-year note yields rose to a one-week high reversing from recent low of ~4%, while dollar index stayed firm hovering around 103. In the previous session, rupee also depreciated sharply by ~40 paise supporting domestic prices. Concerns over a global trade war since U.S. President Donald Trump's announcement of reciprocal tariffs on April 2 have raised fears of a slowdown and prompted investors to take refuge in the safe-haven assets like gold. In fresh updates regarding tariff war, President Trump to proceed with extra 50% tariff on China as trade war escalates. The tariffs will be especially steep for China, as U.S. President Donald Trump ratcheted up duties on Chinese imports to 104% to counter Beijing's retaliatory tariffs. China has refused to bow to what it called blackmail and has vowed to "fight to the end". Physically backed gold exchange-traded funds registered largest quarterly inflow in three years in January-March 2025, data from the World Gold Council showed. Market participants will now keep an eye on RBI policy meeting and FOMC meeting minutes. Focus this week will be on US CPI and PPI data.

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