NEW DELHI, Feb 24: Gold prices rose Rs 350 to trade near a record high at Rs 89,100 per 10 grams in the national capital on Monday amid firm global trends, according to the All India Sarafa Association.
The precious metal of 99.9 per cent purity had closed at Rs 88,750 per 10 grams on Friday.
Gold of 99.5 per cent purity increased Rs 350 to Rs 88,700 per 10 grams from the previous close of Rs 88,350 per 10 grams.
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“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.
Last week, gold of 99.9 per cent and 99.5 per cent purity hit fresh peaks of Rs 89,450 and Rs 89,050 per 10 grams, respectively.
However, silver traded flat at Rs 1 lakh per kg.
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 USD 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 USD 2,954.71 per ounce in the overseas markets.
Globally, spot gold also rose USD 5.50 to USD 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 per cent lower at USD 33.20 per ounce.
According to Kotak Securities, traders are closely monitoring the upcoming Personal Consumption Expenditures (PCE) data release to further understand the US Federal Reserve’s policy trajectory, as it directly impacts bullion’s investment appeal. (PTI)
