Gold eases ₹200 to ₹1,31,600 per 10 grams in Delhi, silver rises sharply

In the international markets, spot gold rose nearly 1% to hit an all-time high of $ 4,246.08 per ounce

Gold prices retreated from their record levels on Thursday, declining by Rs 200 to Rs 1,31,600 per 10 grams in the national capital amid profit booking by traders, according to the All India Sarafa Association. 

The precious metal of 99.9 per cent purity had climbed by Rs 1,000 to hit a lifeitme high of Rs 1,31,800 per 10 grams in the previous trade. 

In the local bullion market, gold of 99.5 per cent purity also dipped by Rs 200 to Rs 1,31,000 per 10 grams (inclusive of all taxes). The yellow metal had previously finished at Rs 1,31,200 per 10 grams, its all-time high level. 

However, silver prices rebounded by surging Rs 2,000 to trade near their record high at Rs 1,84,000 per kilogram (inclusive of all taxes) in a volatile session. The white metal had touched a record of Rs 1,85,000 per kg on Tuesday. 

In the international markets, spot gold rose nearly 1 per cent to hit an all-time high of $ 4,246.08 per ounce, extending its recent rally as investors sought refuge in safe-haven assets amid fiscal concerns in the US and rising global tensions. 

"Gold continued its upward momentum, as the ongoing US government shutdown delayed key economic data releases, keeping uncertainty high in the market. 

"The absence of fresh cues and persistent concerns over the US fiscal situation have strengthened safe-haven demand, driving gold prices higher," Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said. 

Kaynat Chainwala, AVP Commodity Research at Kotak Securities, said, investor sentiment is being shaped by expectations that the US central bank may implement two interest rate cuts later this year to support growth. 

Spot silver was marginally up at $ 53.05 per ounce. The white metal had appreciated to hit a lifetime high of $ 53.62 per ounce on Tuesday. 

According to commodities market experts, despite occasional bouts of profit booking, the underlying tone for the precious metal remains bullish, supported by a combination of macroeconomic and geopolitical drivers.