Gold hits a new peak of Rs 69,200 per 10 gram amid recovery in global market

Gold prices rose by Rs 830 to hit a fresh peak of Rs 69,200 per 10 gram on Wednesday amid a rally in precious metals rates in global markets, HDFC Securities said.

This is the second time this week that the price of yellow metal has hit an all-time high. In the previous trade, the precious metal had closed at Rs 68,370 per 10 grams.

Silver prices also rose by Rs 1,700 to Rs 80,700 per kg. In the previous close, it had ended at Rs 79,000 per kg.

“The spot price of gold (24 carat) in Delhi markets is trading at Rs 69,200 per 10 gram, up by Rs 830, showing a bullish trend in the overseas markets,” said Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities.

“Gold rose to a new all-time high, with prices jumping above $2,300 per ounce in early trade, while futures on MCX rose close to all-time highs of Rs 69,500, as demand for safe haven metal continues to grow, amid the opportunity of escalation of tensions in the Middle East.

“Furthermore, there is uncertainty over the timing of the US Fed’s rate cuts following recent stronger-than-expected economic data, which also boosted precious metals trading,” said Pranav Mer, Vice President, EBG – Commodity & currency Research at JM Financial . Services Ltd, said.

Moreover, silver was also trading higher at $26.25 per ounce. In the previous session the price had reached $25.55 per ounce.

“Traders will be anticipating the non-farm employment data and a speech from US Federal Reserve Chairman Jerome Powell on Wednesday, and any indication from the Fed will help determine the future trajectory of the interest rate outlook for monetary policy,” said Chintan Mehta, Chief Executive. Officer of Abans Holdings Ltd, said.

First print: April 4, 2024 | 1:05 am IST