Gold price today: Gold rates surged by nearly ₹3,000, or almost 2%, on the MCX on Wednesday (January 21) morning to hit a fresh record high, fuelled by US-EU trade war fears, dollar’s weakness and strong retail demand.

MCX gold February futures hit a record high of ₹1,53,316 per 10 grams, while MCX silver March futures rose by 0.50% to ₹3,25,260 per kg.

The United States (US) and the European Union (EU) are on the cusp of a major trade war that could have serious ramifications for the global economy and potentially even upend the NATO alliance.

As per media reports, the European Parliament may soon announce the suspension of approval of the US trade deal agreed in July.

Moreover, US President Donald Trump said on Tuesday that he would not back down from his push to acquire Greenland, according to news agency Reuters.

(This is a developing story. Please check back for fresh updates.)

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Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.