Gold prices surged by Rs 4,000 to touch an all-time high of Rs 1,37,600 per 10 grams in the national capital on Monday, tracking firm global cues, according to the All India Sarafa Association.
Photograph: Arnd Wiegmann/Reuters
The precious metal of 99.9 per cent purity had closed at Rs 1,33,600 per 10 grams on Friday.
“Gold prices scaled even higher as international spot gold surged towards the $4,350 zone, triggering a strong rally in the domestic market,” Jateen Trivedi, VP Research Analyst, Commodity and Currency, LKP Securities, said.
He added that the yellow metal reflected the global strength with a sharp gain, touching a fresh lifetime high.Gold prices had earlier appreciated by Rs 3,200 to touch an all-time high of Rs 134,800 per 10 grams on October 17.
“The move was driven by renewed safe-haven demand and expectations around upcoming US economic data, including non-farm payrolls and the Core PCE Price Index scheduled this week, focus has firmly shifted to US macro cues, which are expected to keep volatility elevated,” Trivedi added.
During the current calendar year, gold prices have surged Rs 58,650, or 74.3 per cent, from Rs 78,950 per 10 grams on December 31, 2024.
On the other hand, silver prices remained flat at Rs 1,99,500 (inclusive of all taxes), as per the association.
So far in this year, silver prices have skyrocketed by Rs 109,800, or 122.41 per cent, compared with Rs 89,700 per kilogram on December 31, 2024.
In the international markets, spot gold rallied for the fifth consecutive session, rising $49.83, or 1.16 per cent, to $4,350.06 per ounce.
Over the past five sessions, the yellow metal has added $159.32, or 3.80 per cent, from $4,190.74 per ounce recorded on December 8.
“Spot gold trading with a positive bias as the Federal Reserve not only cut the rate into elevated inflation, it is also adding liquidity to the system by buying Treasury bills,” Praveen Singh, Research Analyst, Mirae Asset ShareKhan, said.
Meanwhile, spot silver advanced by $2, or 3.24 per cent, to $63.96 per ounce in the overseas markets.
