Gold prices on Tuesday surged ₹800 to hit a fresh record high of ₹65,000 per 10 grams in the national capital amid strong global trends, according to HDFC Securities.
In the previous close, the precious metal had closed at ₹64,200 per 10 grams.
Silver also rallied from ₹900 to ₹74,900 per kg. In the previous trade, it had settled at ₹74,000 per kilogram.
“Spot gold prices (24 carats) in the Delhi markets are trading at ₹65,000 per 10 grams, up by ₹800, taking bullish cues from the overseas markets.
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“In domestic markets, spot gold hit a new all-time high of ₹65,000 on Tuesday,” Saumil Gandhi, senior analyst of commodities at HDFC Securities, said.
In the international markets, spot gold at Comex was trading at USD 2,110 per ounce, up by more than 1 per cent from the previous close.
“Gold prices experienced an uptick driven by growing speculation that the US Federal Reserve will cut interest rates in June, thus gain of more than ₹2,400 was seen in MCX in last three days.
“The rise was also fuelled by signs of slowing industrial and construction spending in the US, coupled with a decrease in inflationary pressures,” Jateen Trivedi, VP Research Analyst at LKP Securities, said.
Additionally, heightened geopolitical tensions have dampened the appetite for short-selling, thereby bolstering yellow metal’s attractiveness as a buy-on-dip asset, Trivedi added.
Silver was also quoting higher at USD 23.88 per ounce. In the previous trade, it had ended at USD 23.09 per ounce.
“Gold and silver prices were recovered and are trading positive, despite a steady dollar in the overseas market while steady moves in global equities and uncertainty over the US Fed’s policies on cutting interest rates have pushed investors towards the safer asset,” Pranav Mer, VP of Research (Commodity & Currency) at BlinkX and JM Financial, said.