March 15, 2025 - Gold prices surged past $3,000 per ounce in international markets for the first time on the fears of a global tariff war which caused a decline in US stock markets. Spot gold reached an all-time high of $3004. As a result, yesterday, March 14, 24 carat MCX gold in India crossed Rs 88,000 per 10 grams for the first time. Gold prices surged by more than Rs 500, hitting a new record of Rs 88,280.

US President Donald Trump had on March 13 threatened to impose a 200% tariff on European Union (EU) wines, champagne and other alcoholic products in response to the EU’s recent 50% tariff on American whiskey. Trump also said that he would not reverse tariffs on steel and aluminium, nor back down from the decision to implement reciprocal tariffs starting April 2.

This announcement led to the US stock markets extending their losing streak causing a slide in the indices that has now stretched over three weeks. The tech-heavy Nasdaq Composite fell by 1.96%, while the Dow Jones dropped by 1.30%, the S&P 500 Index declined by 1.40%, and the small-cap Russell 2000 Index saw a 1.62% drop.

With Media Inputs