Gold prices in India surged by ₹200 on Friday, breaking past the ₹83,000 mark per 10 grams for the first time. This eight-session rally reflects strong buying interest driven by uncertainties in global markets, according to the All India Sarafa Association.
Gold Reaches New All-Time High
Gold with 99.9% purity climbed to ₹83,100 per 10 grams, up from ₹82,900 the previous day. Similarly, gold with 99.5% purity rose by ₹200, hitting ₹82,700 per 10 grams. The robust demand for the yellow metal aligns with growing concerns over global trade policies and their economic impact.
Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, stated, “Gold extended gains on Friday, with spot gold in the domestic market hitting fresh all-time highs.
Silver Follows Gold’s Lead
Silver also saw a significant uptick, gaining ₹500 to reach ₹94,000 per kg, compared to ₹93,500 in the previous session.
Gold and Silver Futures Surge
On the Multi Commodity Exchange (MCX), February gold futures rose by ₹334 or 0.42%, settling at ₹79,960 per 10 grams. The metal saw an intraday high of ₹80,050 per 10 grams, nearing record levels. The MCX precious metals futures index recorded a historic peak of ₹80,282 per 10 grams on October 30, 2024.
Silver futures for March delivery climbed by ₹835 or 0.92%, settling at ₹91,984 per kg.
Global Market Trends
In the global market, Comex gold futures advanced by USD 15.50 or 0.56%, reaching USD 2,780.50 per ounce. Comex silver futures followed suit, rising by 1.53% to USD 31.32 per ounce.
Kaynat Chainwala, AVP-Commodity Research at Kotak Securities, highlighted that investors are closely monitoring flash PMIs for economic activity in major global economies and US housing data for additional insights.
Jateen Trivedi, VP Research Analyst – Commodity and Currency at LKP Securities, mentioned, “The upcoming Union Budget and the US Federal Reserve’s interest rate decision will play a crucial role in determining future bullion price trends
