COMEX Gold futures hit a fresh record high of $3371 per ounce as global tariff war escalated and equities saw volatile moves. The US stocks fell after US Federal Reserve chair Jerome Powell noted yesterday that no informed decisions could be made until the impact of Trump's trade policies are known. Gold has been soaring after the break above $3000 per ounce and got a further boost this week amid tepid action in the US dollar index which held near three year low. Meanwhile, the US has announced a sweeping new tariff of up to 245% on Chinese imports, sharply escalating the trade conflict between the United States and China. The decision, detailed in a fact sheet released by the White House, comes in response to Beijing's recent export restrictions and retaliatory tariffs. This is making the overall tariff scenario very frantic and Gold is turning out to be an obvious beneficiary following it. The metal currently trades at $3331 per ounce, down 0.44% on the day but is up around 6% for the month. On the MCX, Gold futures for June are trading at Rs 95332 per 10 grams, down 0.28% on the day after almost testing Rs 96K.

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