NEW DELHI, Apr 17:
Agencies
Gold prices continued their upward trend for the second straight session, touched a new all-time high of Rs 95,935 per 10 grams, climbing Rs 274 on Thursday, driven by firm spot demand.
On the the Multi Commodity Exchange of India Ltd., the precious metal contracts for June delivery hit the record high of Rs 95,935 per 10 grams in the morning trade.
Later, it pared the gains to trade Rs 89 or 0.09% to Rs 95,750 per 10 grams with an open interest of 22,403 lots.
On Wednesday (April 16), Gold had touched an all-time high of Rs 94,781 per 10 grams in futures trade.
Analysts said persistent uncertainty surrounding the U.S. trade policy, waning demand for the dollar, and Treasury securities have reinforced gold’s appeal as a preferred safe-haven asset.
On the global front, gold futures rose to hit a fresh peak of $3,371.89 per ounce in New York. Later, it pulled back from the record level to trade at $3,340.61 per ounce.
“Gold prices surged…as geopolitical stress between the U.S. and China intensified. U.S. President Donald Trump’s move to investigate new tariffs on critical Chinese imports has shaken market sentiment.
“Simultaneously, a weakening U.S. dollar — near a three-year low — made gold more appealing to foreign investors,” Rahul Kalantri, Vice President of commodities at Mehta Equities Ltd., said.
Adding to the bullish outlook for gold, global investment firm Goldman Sachs raised its year-end gold forecast to $3,700 per ounce and sees potential for $4,000 per ounce by mid-2026. |
