New Delhi, April 17: Gold prices in the national capital climbed by Rs 70 on Thursday, reaching a new all-time high of Rs 98,170 per 10 grams, driven by strong global demand and ongoing economic uncertainty. As per agency report, the All India Sarafa Association confirmed the new benchmark, following Wednesday's sharp Rs 1,650 surge that had taken gold to Rs 98,100 per 10 grams for 99.9 percent purity.
The price of 99.5 percent pure gold also rose by Rs 70, touching a fresh record of Rs 97,720 per 10 grams, compared to its previous close of Rs 97,650.
Chintan Mehta, CEO of Abans Financial Services, stated that the rally in gold is being supported by a weakening US dollar, escalating trade tensions, and recent tariff announcements by US President Donald Trump. These developments have fueled concerns over global economic growth, reinforcing gold's role as a safe-haven asset.
With increasing fears of inflation and recession due to the ongoing US-China trade war disrupting supply chains, market volatility has intensified. Mehta noted that major financial institutions have adopted a bullish stance on gold, indicating a broader sell-off in equities, bonds, and currencies in favor of the yellow metal.
In contrast to gold's ascent, silver prices fell sharply by Rs 1,400, closing at Rs 98,000 per kilogram, down from Rs 99,400 in the previous session.
On the international front, spot gold surged to a record high of USD 3,357.81 per ounce before retreating to USD 3,328.84. According to Kainaat Chainwala, Associate Vice President for Commodity Research at Kotak Securities, gold maintained its upward trajectory after US Federal Reserve Chair Jerome Powell warned that ongoing uncertainty over US trade policy could negatively impact the global economy, thereby reducing investors' risk appetite.
Meanwhile, silver in the Asian market declined by 1.37 percent, trading at USD 32.32 per ounce.
HDFC Securities' senior commodity analyst Saumil Gandhi said that investors are now closely monitoring US macroeconomic indicators, including initial jobless claims and the Philadelphia Fed Manufacturing Index, due later on Thursday.
