All-time high: Gold hits Rs 83,750 per 10 grams as demand surges
Snapping a two-day losing run, gold of 99.5 per cent purity also surged Rs 910 to hit a fresh peak of Rs 83,350 per 10 grams on Wednesday
Gold prices rallied Rs 910 to hit a fresh all-time high of Rs 83,750 per 10 grams in the national capital on Wednesday due to heavy buying from jewellers and retailers, according to the All India Sarafa Association.
Significant Price Surge
The precious metal of 99.9 per cent purity had settled at Rs 82,840 per 10 grams in the previous trading session. The bright metal had jumped Rs 4,360 or 5.5 per cent to Rs 83,750 per 10 grams from Rs 79,390 per 10 grams on January 1.
Snapping a two-day losing run, gold of 99.5 per cent purity also surged Rs 910 to hit a fresh peak of Rs 83,350 per 10 grams on Wednesday. The yellow metal finished at Rs 82,440 per 10 grams on Tuesday.
Silver Prices Climb
Silver climbed Rs 1,000 to Rs 93,000 per kg from Rs 92,000 per kg in the previous trading close. In futures trade on the MCX, gold contracts for February delivery rose Rs 228 to hit a fresh lifetime high of Rs 80,517 per 10 grams. Also, contracts for April delivery climbed Rs 199, or 0.2 per cent, to hit a fresh peak of Rs 81,098 per 10 grams for the first time on Wednesday.
Market Sentiment Influences Prices
"MCX gold surged to a record high amid a pullback in the dollar index and weak consumer data print from the US lifted the sentiment of precious metals," Deveya Gaglani, Research Analyst of Commodities, Axis Securities, said. Silver futures for March delivery advanced Rs 105, or 0.12 per cent, to Rs 91,156 per kg from the previous close of Rs 91,051 per kg on Tuesday. Globally, Comex gold futures traded flat at $2,794.70 per ounce.
Traders Seek Safe-Haven Assets
"Gold rose on Wednesday as traders sought safety in the precious metal against President Donald's expected tariff plan," Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
Awaiting Federal Reserve Decisions
However, Comex silver futures in the Asian market hours quoted higher at $30.99 per ounce. "Market participants awaiting the US Federal Reserve's (Fed) interest rate policy decision," Jateen Trivedi noted.
(Except for the headline, nothing has been changed by All India News Network in the PTI copy.)
