New Delhi, Feb 3 (PTI) Gold prices jumped Rs 400 to hit a fresh record high of Rs 85,300 per 10 grams in the national capital on Monday on the back of continued demand by jewellers and stockists, according to the All India Sarafa Association.
Traders said sharp depreciation in rupee and firm trends in the international markets lifted gold rates to record high levels.
The precious metal of 99.9 per cent purity had settled at Rs 84,900 per 10 grams on Saturday.
Gold of 99.5 per cent purity rose for the fourth straight session by climbing Rs 400 to hit another record high of Rs 84,900 per 10 grams.
The yellow metal ended at Rs 84,500 per 10 grams in the previous trading session.
Rallying for the fifth consecutive session, silver increased Rs 300 to Rs 96,000 per kg on Monday. The white metal finished at Rs 95,700 per kg in the previous market close.
On Monday, the rupee plunged 55 paise to close at an all-time low of 87.17 (provisional) against the US dollar as global market sentiments were impacted after the Trump administration slapped tariffs on Canada, Mexico, and China.
In futures trade on the MCX, gold contracts for April delivery increased Rs 461, or 0.56 per cent, to Rs 82,765 per 10 grams.
“Gold rallied positively on MCX. Participants increased gold allocations as concerns over a potential Trade War 2.0 from the US triggered safe-haven demand,” Jateen Trivedi, VP Research Analyst of Commodity and Currency, LKP Securities, said.
On Saturday, the yellow metal for April delivery jumped Rs 1,127 to hit a record high of Rs 83,360 per 10 grams when Union Finance Minister Nirmala Sitharaman presented the Union Budget 2025-26 on Saturday.
Silver futures for March delivery appreciated Rs 436, or 0.47 per cent, to Rs 93,650 per kg.
Globally, Comex gold futures fell USD 7.50 per ounce, or 0.26 per cent, to USD 2,827.50 per ounce.
“Gold resumed trading on a weaker note, pressured by the strong US dollar and long liquidation. The US dollar surged to a three-week high following US President Donald Trump’s setting tariffs over the weekend,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
On Friday, gold futures for April hit an all-time high of USD 2,862.90 per ounce in the international market.
This week is crucial for commodities with US macroeconomic data — including JOLTs job openings, ISM services, ADP employment and non-farm payroll — on cards, which will provide trajectory for the bullion prices, Praveen Singh, Associate VP, Fundamental Currencies and Commodities, Mirae Asset Sharekhan, said.
Comex silver futures in the Asian market hours traded 0.50 per cent lower at USD 32.10 per ounce. PTI HG TRB
This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.