Gold prices surged to a new all-time high of Rs 89,014 per 10 grams, driven by firm spot demand and escalating tensions in the Middle East.
On the Multi Commodity Exchange (MCX), the precious metal contracts for April delivery hit a record high of Rs 89,014 per 10 grams in the morning trade.
Later, it pared all its gains to trade lower by Rs 142 to Rs 88,868 per 10 grams on the MCX, with a business turnover of 13,934 lots.
According to analysts, gold surged to a new lifetime high amid escalating tensions in the Middle East.
Globally, gold futures increased 0.11 per cent to a record high of USD 3,037.94 per ounce in New York.
“Gold prices rose in global markets due to increased safe-haven demand following renewed Middle East tensions.
“Reports indicate that an Israeli attack on Gaza killed at least 400 Palestinians, while a US strike on the Houthis over the weekend further escalated regional instability, boosting precious metal demand,” Rahul Kalantri, VP – Commodities at Mehta Equities Ltd, said.