Gold touches new peak of Rs 69,200 per 10 grams amid global market rally

Gold prices jumped by Rs 830 to reach a new peak of Rs 69,200 per 10 grams on Wednesday amid a rally in precious metal rates in the global markets, according to HDFC Securities.

This is the second time that yellow metal prices have hit an all-time high in this week. In the previous trade, the precious metal had closed at Rs 68,370 per 10 grams.

Silver prices also surged by Rs 1,700 to Rs 80,700 per kg. It had finished at Rs 79,000 per kg in the previous close.

"Spot gold prices (24 carats) in the Delhi markets are trading at Rs 69,200 per 10 grams, up by Rs 830, taking a bullish trend in the overseas markets," Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.

In the international markets, spot gold at COMEX was trading at $ 2,275 per ounce, up by $ 20 from the previous close.

 

"Gold up at yet another all-time high with prices breaching past $ 2,300 per ounce in early trade, while futures on MCX rose close to all-time around Rs 69,500, as demand for safe-haven metal continues to grow, amid possibility of escalation in the Middle-East tensions.

"Further, uncertainty over the timing of interest rate cuts by the US Fed after recent stronger-than-expected economic readings, which also pushed the bullion prices trade higher," Pranav Mer, Vice President, EBG - Commodity & Currency Research at JM Financial Services Ltd, said.

Additionally, silver was also trading higher at $ 26.25 per ounce. In the previous session, it had settled at $ 25.55 per ounce.

"Traders will be anticipating the non-farm employment data and a speech from the US Federal Reserve Chair Jerome Powell on Wednesday, and any indication from the Fed will help determine the future trajectory of monetary policy interest rate outlook," Chintan Mehta, Chief Executive Officer of Abans Holdings Ltd, said.