Gold prices soar to new heights: Hits all-time high of Rs 82,900 per 10 gm

Gold prices rose Rs 170 to hit a fresh record high of Rs 82,900 per 10 grams in the national capital on Thursday amid a positive global trend, according to the All India Sarafa Association.

Previous Closing Price

The precious metal had closed at Rs 82,730 per 10 grams on Wednesday. In about one year, the precious metal surged Rs 20,180 or 32.17 per cent to Rs 82,900 per 10 grams from Rs 62,720 per 10 grams on February 23, 2024.

Extending the gains for the seventh straight session, gold of 99.5 per cent purity appreciated by Rs 170 to hit an all-time high level of Rs 82,500 per 10 grams. The metal had finished at Rs 82,330 per 10 grams in the previous trading session.

Silver Prices Decline

However, silver prices declined Rs 500 to Rs 93,500 per kg from the previous close of Rs 94,000 per kg on Wednesday. Bullion traders attributed the rise in precious metal prices to heightened demand by jewellers and retailers, along with a strong trend in the international markets.

In futures trade on Thursday, gold contracts for February delivery rose Rs 19 or 0.02 per cent to trade at Rs 79,583 per 10 grams on the Multi Commodity Exchange (MCX). However, silver futures declined Rs 422 or 0.46 per cent to Rs 91,522 per kg from the previous close of Rs 91,944 per kg on Wednesday.

International Market Trends

In the overseas markets, Comex gold futures fell USD 13.20 per ounce or 0.48 per cent to USD 2,757.70 per ounce. "Gold prices traded flat-to-negative on Thursday, weighed down by a recovery in the US dollar and Treasury yields," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.

According to Augmont's Head of Research Renisha Chainani, Gold is on the verge of hitting record highs and could do so within the next day or two. The remarks made by newly elected US President Donald Trump on tariffs are driving the bullish momentum.

Market Focus on Federal Reserve Meeting

Market participants are focusing on the upcoming Federal Reserve policy meeting scheduled for January 29, which can provide more cues for the future course of trajectory for the bullion prices, Jateen Trivedi, VP Research Analyst of Commodity and Currency, LKP Securities, said.

(Except for the headline, nothing has been changed by All India News Network in the PTI copy.)