Gold price jumped by Rs 900 to revisit the all-time high of Rs 89,400 per 10 grams in the national capital on Wednesday amid strong global trends, according to the All-India Sarafa Association. The precious metal of 99.9% purity had closed at Rs 88,500 per 10 grams in the previous trading session. On Feb. 14, it rallied by Rs 1,300 to hit a lifetime high of Rs 89,400 per 10 grams in the local markets.
So far this year, price of gold has surged Rs 10,010 or 12.6% to Rs 89,400 per 10 grams as compared to Rs 79,390 grams on Jan. 1.
Additionally, the yellow metal of 99.5% purity rallied by Rs 900 to reclaim its all-time high level of Rs 89,000 per 10 grams. It had closed at Rs 88,100 per 10 grams in the previous session.
According to experts, gold extended its gain on Wednesday, buoyed by safe haven demand and persistent buying amid President Trump's new tariff threats, combined with rising geopolitical uncertainty.
Silver price also increased by Rs 600 to Rs 99,600 per kilogram on Wednesday.
Meanwhile, in futures trade on the MCX, gold contracts for April delivery climbed Rs 479 to hit a record high of Rs 86,592 per 10 grams in the afternoon trade. The subsequent month's contract also hit a record of Rs 87,320 per 10 grams.
"Gold continued its upward momentum. Persistent global uncertainty due to tariffs has reinforced gold's status as a safe-haven asset, with banks and funds maintaining high allocations," Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said.
Silver futures for March delivery climbed Rs 589 to Rs 97,437 per kg on the on the Multi Commodity Exchange.
Comex gold futures for April delivery rose by $12 to hover near the record high at $2,960.99 per ounce. Last week, it hit a lifetime high of $2,968.50 per ounce in the global markets.
Comex silver futures in the Asian market hours also traded higher at $33.61 per ounce.
HDFC Securities' Senior Analyst of Commodities Saumil Gandhi said, "Investors are awaiting the US Fed Reserve's Federal Open Market Committee's January monetary policy meeting minutes and building permit data to be release later on Wednesday."
The meeting minutes and data release will provide some meaningful impetus to the non-yielding yellow metal.
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