NEW DELHI, Jan 24: Gold prices extended the rally for the eighth consecutive session and climbed Rs 200 to breach the psychological level of Rs 83,000 per 10 grams for the first time in the national capital on Friday amid aggressive buying triggered by global market uncertainties.
According to the All India Sarafa Association, the precious metal of 99.9 per cent purity rose Rs 200 to hit a fresh lifetime high of Rs 83,100 per 10 grams.
It had closed at Rs 82,900 per 10 grams on Thursday.
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“Gold extended gains on Friday, with spot gold in the domestic market hitting fresh all-time highs,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
The current bullish momentum in gold is driven by uncertainty surrounding the potential US tariffs plan and other policies from President Donald Trump, which has led to a recent surge in safe-haven buying, Gandhi added.
The yellow metal of 99.5 per cent purity also appreciated by Rs 200 to hit a record high of Rs 82,700 per 10 grams from the previous close of Rs 82,500 per 10 grams.
Additionally, silver climbed Rs 500 to Rs 94,000 per kg on Friday. The white metal finished at Rs 93,500 per kg in the last trading session.
On the MCX, gold contracts for February delivery climbed Rs 334 or 0.42 per cent to Rs 79,960 per 10 grams, in the futures trade. The yellow metal had jumped Rs 424 or 0.53 per cent to trade near a record high of Rs 80,050 per 10 grams in the intraday.
“Prices in MCX are near record high as Trump trade policies and tariff plans created an uncertain environment in the market, which may boost safe-haven demand,” Deveya Gaglani, Research Analyst-Commodities, Axis Securities, said.
The precious metal on the futures index had hit a record high of Rs 80,282 per 10 grams on October 30, 2024.
Silver futures for March delivery surged Rs 835 or 0.92 per cent to Rs 91,984 per kg on the Multi Commodity Exchange (MCX).
In the international markets, Comex gold futures appreciated by USD 15.50 per ounce or 0.56 per cent to USD 2,780.50 per ounce.
Investors are expected to keep an eye on flash PMIs for early indications of economic activity in major global economies, as well as US housing data for further insights into the state of the economy, Kaynat Chainwala, AVP-Commodity Research, Kotak Securities, said.
Comex silver futures also increased 1.53 per cent to USD 31.32 per ounce in the Asian market hours.
According to Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities, investors will also look ahead for the upcoming Union Budget and the US Federal Reserve’s interest rate decision, which are the key events on the radar for the future course of action for the bullion prices. (PTI)
