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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 climbed to a fresh record high above $3200 after a brief consolidation last week, as investors sought safety amid ongoing market volatility and trade tensions. Despite President Trump announcing a 90-day pause on reciprocal tariffs, uncertainty lingered with overall tariffs on Chinese imports now totaling at least 145%, including a 125% base rate and additional retaliatory levies. The pace of escalation between US and China is much higher and faster than in President Trump's 2016 era, if a negotiation doesn't happen soon it could give rise to further uncertainties in market. Economic data added to the cautious mood, with U.S. CPI coming in lower than expected at 2.4% and monthly inflation turning negative at -0.1% versus 0.2% previously, raising concerns over growth. While weekly jobless claims met expectations, focus now shifts to the U.S. PPI data scheduled for release later today, which could offer further clues on inflation trends. According to the minutes of the March 18–19 FOMC meeting, almost all Federal Reserve officials viewed inflation risks as tilted to the upside and employment risks to the downside, suggesting a cautious approach and the need for more clarity before any potential rate cut.

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