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Below the Quote on Market Movement by Deveya Gaglani, Senior Research Analyst - Commodities, Axis Securities

Comex Gold extended its winning streak for a fourth consecutive session. Prices rallied over 2%, hitting a multi-week high of $5,230, amid the convergence of trade protectionism and increased geopolitical risk, which drove safe-haven inflows. The rally accelerated after President Trump's move to implement a 15% global surcharge under Section 122, bypassing the Supreme Court's recent restriction on reciprocal tariffs. This policy pivot triggered immediate retaliatory signals, with the European Union proposing a halt to US trade deal ratifications and India postponing interim negotiations. These trade frictions are compounded by a military build-up in the Middle East as US-Iran nuclear talks reach an impasse ahead of Thursday's meeting in Geneva. In the domestic market prices are back above the 160,000 level. Near term is looking positive as long as 155,000 level is intact on the downside.
 

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