Gold Jumps To Record High Of Rs 1.38 Lakh, Silver Hits New Peak
In the international markets, spot gold increased by $80.85 or 1.86% to hit a record of $4,420.35 per ounce.
Gold prices rose to a fresh lifetime high of Rs 1,38,200 per 10 grams, gaining Rs 1,685, in New Delhi on Monday following the precious metal scaling record highs in the global markets, according to the All India Sarafa Association.
Silver prices also raced to hit an all-time high of Rs 2,14,500 per kilogramme (inclusive of all taxes) in the capital, up by Rs 10,400 per kg.
"Bullish momentum extended in bullion, with gold and silver surging to another fresh record high on Monday," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.
In the international markets, spot gold increased by $80.85 or 1.86% to hit a record of $4,420.35 per ounce.
"Investor interest in silver and gold has grown considerably as interest rates are going down in the US, fiscal concerns are growing, and the American economy is becoming more uncertain," Gandhi said.
He added that this has led to a shift towards the safe-haven asset. In addition, the demand for safe haven also increased, due to the escalating geopolitical tensions.
Spot silver appreciated by $2.31 or 3.44% to hit a lifetime high of $69.45 per ounce in the overseas markets.
"Silver prices have reached a record high, reflecting strong industrial demand along with rising investment demand," Satish Dondapati, Fund Manager at Kotak Mutual Fund, said.
"Mining disruptions and limited current silver inventories are causing severe supply shortfalls, driving prices higher," Renisha Chainani, head of research at Augmont, said.
"A weak dollar is expected to continue to boost speculator demand for silver, not to mention any geopolitical tensions that would generate keener safe-haven demand for silver," she added.
