New Delhi, March 28 : Gold prices in the national capital surged by Rs 1,100 on Friday, reaching an all-time high of Rs 92,150 per 10 grams, driven by a sharp rise in global precious metal rates. According to the All India Sarafa Association, this marks the third consecutive session of gains in the bullion market.
In the previous trading session, gold of 99.9 percent purity had closed at Rs 91,050 per 10 grams. The price of gold has increased by Rs 23,730, or nearly 35 percent, in the current financial year, up from Rs 68,420 per 10 grams on April 1 last year.
Similarly, gold with 99.5 percent purity also rose by Rs 1,100 to reach a record high of Rs 91,700 per 10 grams, compared to its last close of Rs 90,600.
As per agency report, analysts attributed the rise in gold prices to heightened fears of a global trade war and concerns about its impact on economic growth. Soumil Gandhi, Senior Commodity Analyst at HDFC Securities, noted that these fears have led to a surge in demand for safe-haven assets like gold.
Silver prices also witnessed a significant increase of Rs 1,300, reaching Rs 1,03,000 per kilogram, close to the record high of Rs 1,03,500 achieved on March 19. In the previous session, silver had settled at Rs 1,01,700 per kilogram.
On the international front, spot gold climbed to a record high of USD 3,086.08 per ounce, while COMEX gold futures touched another peak at USD 3,124.40 per ounce. According to brokerage firm Kotak Securities, rising concerns over global trade tensions have contributed to the rally in COMEX gold futures.
Jatin Trivedi, Vice President of Research (Commodities and Currency) at LKP Securities, stated that the upcoming implementation of retaliatory tariffs on April 2 is adding to market uncertainty and driving investors toward gold as a safe investment.
COMEX silver futures also gained 0.7 percent to USD 35.33 per ounce, while spot silver held steady at USD 34.42 per ounce during Asian trading hours.
Analysts said that growing uncertainty over the economic fallout of the tariffs, potential inflationary pressures, and a slowdown in global economic growth are all contributing to increased volatility in the markets. This, in turn, is boosting demand for precious metals.
