New Delhi, Feb 10:
Agencies
Gold prices zoomed by Rs 2,430 to hit a lifetime high of Rs 88,500 per 10 grams in the national capital on Monday following firm global trends and a weak rupee, according to the All India Sarafa Association.
The precious metal breached the record USD 2,900 an ounce level in spot markets globally after US President Donald Trump announced imposition of fresh 25 per cent tariffs on all steel and aluminum imports to the US.
Heavy buying by jewellers and retailers also boosted the prices.
The precious metal of 99.9 per cent purity had settled at Rs 86,070 per 10 grams last week.
Gold of 99.5 per cent purity surged by Rs 2,430 to hit a record high of Rs 88,100 per 10 grams in the local markets.
Silver prices increased Rs 1,000 to Rs 97,500 per kg.
Investors are dumping riskier assets like stocks as they prefer safe haven amid global economic uncertainties, traders said.
In futures trade on the MCX, gold contracts for April delivery rallied Rs 940 to hit a new lifetime high of Rs 85,828 per 10 grams.
“Gold witnessed strong gains, surging above Rs 85,800 in MCX and hitting USD 2,900 in spot markets as Trump’s new round of tariffs on metal products intensified trade war concerns.
“With no specific clarity on which countries are included or excluded, uncertainty in global trade has driven significant bullion buying,” Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities, said.
The subseqent contract for June delivery surged Rs 1,015 or 1.18 per cent to hit a fresh peak of Rs 86,636 per 10 grams.
Silver futures for March delivery climbed Rs 632 to Rs 95,965 per kg on the Multi Commodity Exchange (MCX).
Globally, Comex gold futures appreciated by USD 45.09 per ounce or 1.56 per cent to hit a record high of USD 2,932.69 per ounce. Meanwhile, spot gold in the global markets breached the psychological level of USD 2,900-mark.
“Gold climbed to a new record high on Monday as fund flow increased towards the safe haven asset in response to President Trump’s latest declaration,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
Comex silver futures in the Asian market hours rose nearly 1 per cent to USD 32.76 per ounce.
According to a report by Dutch multinational ING Bank, gold has already hit a series of fresh record highs this year. Tariff concerns that risk higher inflation and slower economic growth are spurring demand for safe haven assets.
The precious metal prices will hit more record highs this year, with USD 3,000 per ounce now in sight, it said. |
