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MCX Gold at fresh high; Trump tariffs drives gold prices to record high

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MCX Gold prices rose to a fresh record high in the morning session on Tuesday, February 11, supported by concerns over US President Donald Trump’s aggressive tariff policies. MCX Gold for April 4 contracts jumped to a record high of ₹86,360 per 10 grams. Around 11:35 AM, the yellow metal was 0.12 per cent up at ₹85,923 per 10 grams on the MCX.

International gold prices topped the key $2,900 level for the first time, driven by safe-haven demand amid heightened concerns over a trade war. Comex Gold jumped to a record high of 2,968.50 level.

Trump imposed a 25 per cent tariff on steel and aluminium imports on Monday, stoking fears of a trade war. Geopolitical uncertainty and aggressive buying by central banks have boosted gold prices of late.

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JA Lobbies For Exemptions As US Threatens 100% Tariffs

To Shield The Supply Chain, JA Is Petitioning Washington To Place Diamonds, Gemstones, and Pearls On The U.S. Annex II List, Which Designates Products Eligible For Duty-Free Entry Into The United States.

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– Jewelers of America (JA) has intensified its lobbying efforts in Washington to secure sweeping tariff exemptions for diamonds, gemstones, and pearls, as new legislation opens the door to potential 100% duties on imports from major trade partners including India.

The industry group sent a delegation of executives and members to Capitol Hill on Sept. 15 for its annual “Fly-In” event, pressing lawmakers to safeguard the trade from broad trade penalties aimed at supporters of Russia’s energy sector.

The delegation, led by JA President and Chief Executive David J. Bonaparte, met with key lawmakers, including Senators Dick Durbin and Susan Collins and Representatives Jim Jordan and Dave Joyce.

The increased lobbying push coincided with Congress weighing the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026. Passed by the House of Representatives on Sept. 16 and signed into law by President Donald Trump on Sept. 18, the legislation grants executive authority to levy tariffs of up to 100% on the five largest buyers of Russian oil and natural gas, as well as top facilitators of sanctions evasion.

India, a primary global hub for diamond cutting and polishing, is among the top buyers of Russian crude and faces potential exposure under the law’s discretionary tariff authority.

To shield the supply chain, JA is petitioning Washington to place diamonds, gemstones, and pearls on the U.S. Annex II list, which designates products eligible for duty-free entry into the United States.

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