Hyderabad, Aug. 8 -- Gold rates in Hyderabad on Friday surged to levels never seen before as investors turned to safe-haven assets after the US administration announced a 25 per cent additional tariff on Indian imports.

The price of 10 grams of 24-carat gold reached Rs 1,03,310 on Tuesday.

Reason for surge

Bullion traders said that the pick-up in demand by investors helped the rally in the precious metal.

Investors are shifting to gold due to trade tensions following the announcement by the US administration to impose an additional 25 per cent tariff on Indian imports.

Currently, the focus remains on global trade tariffs and fresh Russian sanctions. Both are contributing to elevated gold prices.

Moreover, US President Donald Trump i...