Gold bullion climbed to trade above $3,486 an ounce for the first time. This comes in addition to the 2.9% surge in gold price on Monday.
The surge in gold prices comes amid concerns due to friction between US President Donald Trump and Federal Reserve Chair Jerome Powell, which triggered a decline in US stocks, bonds and the dollar.
Gold price in India rose to fresh life high of Rs 99,170 per 10 grams as of 10:23 a.m. on April 22, according to the India Bullion Association.
Rates in New Delhi also saw a rise at Rs 98,810 per 10 grams, according to the association. The price in Mumbai was higher at Rs 98,990. In Kolkata, the rate rose to Rs 98,850. While in Bengaluru, the rate was at 99,060. With the price at Rs 99,270, Chennai continued to see the highest rate in the country.
The futures prices for the yellow metal on Multi Commodity Exchange rose to Rs 99,358 for the June. 5 futures. The gold price had crossed the Rs 99,000 per 10-gram mark for the first time on Tuesday. This comes after gold had hit fresh highs on Monday.
The August delivery contract of the yellow metal bounced by 2.1% to hit a fresh peak of Rs 1,00,000 per 10 grams briefly in the mid-session trade. However, the precious metal was trading at Rs 99,790 per 10 grams as of 1:17 p.m.
Additionally, the October contract rose over 2.04% to hit a record high of Rs 1,00,500 per 10 grams, while December contract was at 1,02,275 per 10 grams.
Silver Rates Today
Silver price also rose to Rs 96,260 after it crossed Rs 1 lakh last month, according to the India Bullion Association. Strong industrial demand for silver, fueled by its importance in renewable energy technologies and electronics, has been driving the surge.
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