Gold prices surged by Rs 600 on Thursday, reaching an all-time high of Rs 89,450 per 10 grams in the national capital, driven by strong global market trends. The yellow metal, with 99.9% purity, had previously closed at Rs 88,850 per 10 grams on Wednesday.
Similarly, gold of 99.5% purity saw an increase of Rs 600, reclaiming its previous record high of Rs 89,050 per 10 grams, up from Rs 88,450 the day before. Earlier this year, on February 20, gold prices had also briefly hit these peak levels, according to news agency PTI report.
Silver also saw significant gains, climbing Rs 1,000 to reach nearly a five-month high of Rs 1,01,200 per kilogram, up from Rs 1,00,200 in the previous trading session.
In the futures market, gold contracts for April delivery also surged, rising by Rs 210 (0.24%) to reach a record high of Rs 86,896 per 10 grams during the evening session on the Multi Commodity Exchange.
“The increase in gold prices was driven by safe-haven demand, bolstered by cooler-than-expected US consumer inflation data, which reinforced expectations of further monetary easing by the Federal Reserve this year.” said Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities.
On the international front, spot gold climbed by USD 11.67 (0.40%), reaching USD 2,946.44 per ounce.
Traders are now focused on upcoming US economic data, including weekly jobless claims and the Producer Price Index (PPI), which could provide further insights into the inflation outlook and influence market trends.
Disclaimer: The opinions, analyses and recommendations expressed herein are those of brokerage and do not reflect the views of The Times of India. Always consult with a qualified investment advisor or financial planner before making any investment decisions.