Gold prices rose by Rs 6,250 and hit a record high of Rs 96,450 per 10 grams in Delhi on Friday due to heavy demand from local jewellers and retailers, according to the All India Sarafa Association.
Analysts said the yellow metal is hitting lifetime high levels in the international markets on strong safe-haven demand amid escalating US-China trade tensions. This has also boosted the domestic prices, they added.
On Wednesday, the precious metal of 99.9% purity had closed at Rs 90,200 per 10 grams. Rebounding after four days of sharp fall, gold of 99.5% purity surged by Rs 6,250 to touch an all-time high of Rs 96,000 per 10 grams against the previous close of Rs 89,750 per 10 grams.
Silver prices also registered a steep rise of Rs 2,300 to Rs 95,500 per kg, largely in tandem with global trends. The metal had closed at Rs 93,200 per kg in the previous market close.
Bullion markets were closed on Thursday on the occasion of Mahavir Jayanti.
Meanwhile, gold futures for June delivery climbed by Rs 1,703 to hit yet another lifetime high of Rs 93,736 per 10 grams on the Multi Commodity Exchange.
“Gold extended its record-setting rally…to hit fresh lifetime highs near Rs 93,500 on MCX, defying rupee strength as geopolitical tensions and tariff battles between the US and China escalated further,” Jateen Trivedi, vice president of research – commodity and Currency at LKP Securities, said.
In the international markets, spot gold jumped to a fresh peak of $3,237.39 per ounce. Later, it slipped to $3,222.04 per ounce. Additionally, Comex gold futures in the Asian market hours rose to hit a record high of $3,249.16 per ounce.
Kotak Securities’ assistant vice president for commodity research, Kaynat Chainwala, said Comex gold prices jumped to a record high as safe-haven demand rose amid escalating US-China trade tensions.
