Gold prices soared to a new record high on Thursday driven by market uncertainties and global economic factors. On the Multi Commodity Exchange (MCX) the price of 24-carat gold April futures increased by 0.21 per cent reaching Rs. 86875 per 10 grams while silver May futures saw a slight dip of 0.09 per cent (Rs 87) trading at Rs 99389 per kilogram. One of the main reasons behind this surge is the growing instability in global markets. Concerns over US trade policies particularly those linked to President Donald Trump’s tariffs have made investors turn to gold as a safe-haven asset. As a result international gold prices hit USD 2945 per ounce on March 13. On Wednesday both gold and silver closed positively in domestic and international markets. The April gold contract settled at Rs 86686 per 10 grams marking a 0.62 per cent increase while silver May futures ended at Rs 99476 per kilogram up by 1.37 per cent. Gold price in Indian market According to the Indian Bullion Jewellers Association (IBJA) the price of 24-carat gold in the Indian market stood at Rs. 86670 per 10 grams while 22-carat gold was priced at Rs. 84590 per 10 grams. The rates for lower-purity gold were also high with 20-carat gold at Rs. 77140 18-carat gold at Rs. 70200 and 14-carat gold at Rs. 55900 per 10 grams. Gold prices across Indian cities Delhi: For 8 grams 22K gold is worth Rs 57992 while 24K gold stands at Rs 61832. Mumbai: 22K gold is worth Rs 57112 per 8 grams while 24K gold is priced at Rs 60896. Chennai: 8 grams of 22K gold is sold at Rs 56632 while 24K gold stands at Rs 60392. Hyderabad: For 8 grams 22K gold is worth Rs 56824 while 24K gold is sold at Rs 60608. Experts believe that ongoing trade disputes and economic uncertainty are pushing investors toward gold. Another factor supporting the price increase is a decline in US inflation which raises the chances of interest rate cuts. Lower interest rates often boost gold demand as they make non-interest-bearing assets like gold more attractive. Recent US data revealed an inflation rate of 2.8 per cent slightly lower than the expected 3 per cent. Analysts suggest that this trend could further influence gold prices in the coming weeks. At the same time a steady rise in investments in gold exchange-traded funds (ETFs) is adding to the positive momentum in the market. The ongoing trade conflicts have also played a key role in driving up gold prices. Earlier this month former US President Donald Trump introduced a 20% tariff on Chinese imports and a 25% tariff on goods from Mexico and Canada. These tariff hikes have intensified worries about global economic stability prompting investors to seek the security of gold as a reliable asset during uncertain times.