Gold Nears Record High At Rs 89,100 Per 10 Grams As Prices Surge By Rs 350
Similarly, gold of 99.5% purity rose by Rs 350 to trade at Rs 88,700 per 10 grams, up from its last close of Rs 88,350 per 10 grams.
Gold prices surged by Rs 350 on Monday, reaching Rs 89,100 per 10 grams in the national capital, edging closer to a record high, according to the All India Sarafa Association. The metal, with 99.9% purity, had closed at Rs 88,750 per 10 grams in the previous session.
Similarly, gold of 99.5% purity rose by Rs 350 to trade at Rs 88,700 per 10 grams, up from its last close of Rs 88,350 per 10 grams. The gains came amid firm global trends, reflecting continued investor interest in the precious metal.
"Gold traded with a modest gain on Monday as geopolitical and trade tensions continued to provide a safe haven demand to hedge against uncertainty," Saumil Gandhi, senior analyst of commodities at HDFC Securities, said.
Further, Gandhi highlighted that the US dollar has provided an additional boost for the precious metal. The dollar index fell for the third week in a row and is trading lower amid mixed US macro data.
Meanwhile, in futures trade on the MCX, gold contracts for April delivery appreciated Rs 118 to Rs 86,128 per 10 grams.
"Gold traded within a range, posting minor gains, supported by Comex gold holding above $2,925. Rupee weakness provided additional support to MCX gold," Jateen Trivedi, VP research analyst -- commodity and currency, LKP Securities, said.
Comex gold futures for April delivery quoted higher at $2,954.71 per ounce in the overseas markets. Globally, spot gold also rose $5.50 to $2,941.55 per ounce.
"Gold prices continue to hover near all-time highs as the dollar weakens amid escalating geopolitical and economic uncertainty," Abans Holdings' Chief Executive Officer Chintan Mehta said.
The precious metal's rally is expected to persist as safe-haven demand remains strong, with central banks worldwide continuing to accumulate gold to hedge against economic volatility and policy uncertainty, Mehta added.
On the other hand, silver futures in the Asian market hours quoted 0.43% lower at $33.20 per ounce.
According to Kotak Securities, traders are closely monitoring the upcoming Personal Consumption Expenditures data release to further understand the US Federal Reserve's policy trajectory, as it directly impacts bullion's investment appeal.
(With inputs from PTI)
