New Delhi:
Gold costs prolonged the rally for the eighth consecutive session and climbed Rs 200 to breach the psychological stage of Rs 83,000 per 10 grams for the primary time within the nationwide capital on Friday amid aggressive shopping for triggered by international market uncertainties.
In line with the All India Sarafa Affiliation, the dear metallic of 99.9 per cent purity rose Rs 200 to hit a recent lifetime excessive of Rs 83,100 per 10 grams.
It had closed at Rs 82,900 per 10 grams on Thursday.
“Gold prolonged features on Friday, with spot gold within the home market hitting recent all-time highs,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, stated.
The present bullish momentum in gold is pushed by uncertainty surrounding the potential US tariffs plan and different insurance policies from President Donald Trump, which has led to a current surge in safe-haven shopping for, Gandhi added.
The yellow metallic of 99.5 per cent purity additionally appreciated by Rs 200 to hit a document excessive of Rs 82,700 per 10 grams from the earlier shut of Rs 82,500 per 10 grams.
Moreover, silver climbed Rs 500 to Rs 94,000 per kg on Friday. The white metallic completed at Rs 93,500 per kg within the final buying and selling session.
On the MCX, gold contracts for February supply climbed Rs 334 or 0.42 per cent to Rs 79,960 per 10 grams, within the futures commerce. The yellow metallic had jumped Rs 424 or 0.53 per cent to commerce close to a document excessive of Rs 80,050 per 10 grams within the intraday.
“Costs in MCX are close to document excessive as Trump commerce insurance policies and tariff plans created an unsure surroundings available in the market, which can enhance safe-haven demand,” Deveya Gaglani, Analysis Analyst-Commodities, Axis Securities, stated.
The valuable metallic on the futures index had hit a document excessive of Rs 80,282 per 10 grams on October 30, 2024.
Silver futures for March supply surged Rs 835 or 0.92 per cent to Rs 91,984 per kg on the Multi Commodity Trade (MCX).
Within the worldwide markets, Comex gold futures appreciated by USD 15.50 per ounce or 0.56 per cent to USD 2,780.50 per ounce.
Traders are anticipated to regulate flash PMIs for early indications of financial exercise in main international economies, in addition to US housing information for additional insights into the state of the economic system, Kaynat Chainwala, AVP-Commodity Analysis, Kotak Securities, stated.
Comex silver futures additionally elevated 1.53 per cent to USD 31.32 per ounce within the Asian market hours.
In line with Jateen Trivedi, VP Analysis Analyst – Commodity and Foreign money, LKP Securities, traders will even look forward for the upcoming Union Price range and the US Federal Reserve’s rate of interest determination, that are the important thing occasions on the radar for the long run plan of action for the bullion costs.
(Apart from the headline, this story has not been edited by NDTV employees and is printed from a syndicated feed.)