Gold-Silver Prices: Amid strong global trend, the price of gold rose by Rs 350 to a record high of Rs 89,100 per 10 grams in the bullion market of the national capital on Monday. This information was given by the All India Sarafa Association.
On Friday, gold of 99.9 percent purity closed at Rs 88,750 per 10 grams. The price of gold of 99.5 percent purity rose by Rs 350 to Rs 88,700 per 10 grams. Its previous closing price was Rs 88,350 per 10 grams.
“Gold prices edged higher on Monday as demand for safe-haven gold remained strong against uncertainty owing to geopolitical and trade tensions,” said Saumil Gandhi, Senior Analyst (Commodities), HDFC Securities.
Last week, gold of 99.9 per cent and 99.5 per cent purity hit a new high of Rs 89,450 and Rs 89,050 per 10 gram, respectively. Silver, however, remained steady at Rs 1 lakh per kg.
Apart from this, Gandhi also said that the US dollar has given an additional boost to this precious metal. The dollar index has declined for the third consecutive week and is trading down amid mixed US macroeconomic data.
“Gold witnessed marginal gains as COMEX gold held above $2,925. Weakness in rupee provided additional support to MCX gold,” said Jatin Trivedi, Vice President Research Analyst (Commodities & Currencies), LKP Securities.
In foreign markets, Comex gold futures for April delivery stood at $ 2,954.71 an ounce. Globally, spot gold also rose by $ 5.50 to $ 2,941.55 an ounce.
“Gold prices are still trading near all-time highs as the dollar weakened amid rising geopolitical and economic uncertainty,” said Chintan Mehta, chief executive officer, Abans Holdings.
Mehta said the precious metal is expected to continue to rally as safe-haven demand remains strong, with central banks around the world continuing to accumulate gold to hedge against economic instability and policy uncertainty. On the other hand, silver futures in the Asian market closed down 0.43 per cent at $33.20 an ounce.
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