Gold prices surged to an all-time high on Wednesday, breaching $3,300 an ounce in international spot markets for the first time as escalating U.S.-China trade tensions sent investors fleeing to traditional safe havens.

The yellow metal climbed to $3,318 per ounce in overseas trading, extending its recent rally and drawing closer to the symbolic ₹1,00,000 per 10 grams mark for 24-karat gold in India. Domestically, prices mirrored the global trend: in Delhi, gold was quoted at ₹98,100 per 10 grams by evening, while June futures on the Multi Commodity Exchange (MCX) hit a record ₹95,435.

President Trump’s directive for a probe into critical minerals added to the market anxiety, reinforcing the rush toward safe haven assets.

The sharp price escalation, however, has chilled consumer demand in India—the world’s second-largest gold market—prompting local jewelers to sell at a discount to imported prices. Gold is currently trading at a 1–2% discount to its landing cost in Indian markets.

Meanwhile, silver has trailed the gold rally. International spot prices for the white metal hovered around $32.80 per ounce Wednesday, crossing ₹1,00,000 per kilogram in Delhi, but still lagging behind gold in terms of momentum.

For now, analysts expect gold’s bullish run to persist, fueled by geopolitical uncertainty, inflation concerns, and growing investor caution.