Gold and silver prices hit fresh record levels on Monday, rallying Rs 1,300 each, tracking strong trends in the global markets amid uncertainty over US tariffs, trade tensions and growing expectations of monetary policy easing by the Federal Reserve.
According to the All India Sarafa Association, the precious metal of 99.9 per cent purity, extending gains for the fourth day in a row, rallying Rs 1,300 to hit a fresh peak of Rs 90,750 per 10 grams.
It had closed at Rs 89,450 per 10 grams on Thursday.
Gold of 99.5 per cent purity zoomed Rs 1,300 to establish an lifetime high of Rs 90,350 per 10 grams from Thursday’s closing level of Rs 89,050 per 10 grams.
According to HDFC Securities’ Senior Analyst, Commodities, Saumil Gandhi, several factors have contributed to the record-breaking rally in precious metals, including buying by central banks and global economic instability.
Further, the demand for safe haven assets increased due to the trade and economic policies of US President Donald Trump, which in turn increased economic uncertainty worldwide, Gandhi said.
So far this year, the yellow metal prices had climbed Rs 11,360, or 14.31 per cent, to Rs 90,750 from Rs 79,390 per 10 grams on January 1.
On Friday, the bullion markets were closed on the occasion of Holi festival.
Silver prices also surged Rs 1,300 to hit a fresh all-time high level of Rs 1,02,500 per kg. The white metal had concluded at Rs 1,01,200 per kg on Thursday.
Meanwhile, gold futures for April delivery inched up Rs 13 to Rs 88,004 per 10 grams on the Multi Commodity Exchange. On Friday, the yellow metal had hit a record peak of Rs 88,310 per 10 grams on the commodities bourse.
In the international markets, spot gold appreciated USD 14.48 to USD 2,998.90 per ounce. It had breached the psychological mark of USD 3,000 an ounce on Friday.
