Representational file image.
| Photo Credit: AP
Gold prices rose ₹350 to trade near a record high at ₹89,100 per 10 grams in the national capital on Monday amid firm global trends, according to the All India Sarafa Association.
The precious metal of 99.9% purity had closed at ₹88,750 per 10 grams on Friday.
Gold of 99.5% purity increased ₹350 to ₹88,700 per 10 grams from the previous close of ₹88,350 per 10 grams.
“Gold traded with a modest gain on Monday as geopolitical and trade tensions continued to provide a safe haven demand to hedge against uncertainty,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
Last week, gold of 99.9% and 99.5% purity hit fresh peaks of ₹89,450 and ₹89,050 per 10 grams, respectively.
However, silver traded flat at ₹1 lakh per kg.
Further, Gandhi highlighted that the US dollar has provided an additional boost for the precious metal. The dollar index fell for the third week in a row and is trading lower amid mixed U.S. macro data.
Meanwhile, in futures trade on the MCX, gold contracts for April delivery appreciated ₹118 to ₹86,128 per 10 grams.
“Gold traded within a range, posting minor gains, supported by Comex gold holding above USD 2,925. Rupee weakness provided additional support to MCX gold,” Jateen Trivedi, VP Research Analyst — Commodity and Currency, LKP Securities, said.
Comex gold futures for April delivery quoted higher at $2,954.71 per ounce in the overseas markets.
Globally, spot gold also rose $5.50 to $2,941.55 per ounce.
“Gold prices continue to hover near all-time highs as the dollar weakens amid escalating geopolitical and economic uncertainty,” Abans Holdings’ Chief Executive Officer Chintan Mehta said.
The precious metal’s rally is expected to persist as safe-haven demand remains strong, with central banks worldwide continuing to accumulate gold to hedge against economic volatility and policy uncertainty, Mehta added.
On the other hand, silver futures in the Asian market hours quoted 0.43% lower at $33.20 per ounce.
According to Kotak Securities, traders are closely monitoring the upcoming Personal Consumption Expenditures (PCE) data release to further understand the US Federal Reserve’s policy trajectory, as it directly impacts bullion’s investment appeal.
Published – February 24, 2025 06:07 pm IST