The bank also noted a surge in gold ETF inflows, driven by fears of a recession, with its economists assigning a 45 per cent probability to a US recession in the next 12 months
The price of ten grams of 24-carat gold in Mumbai, Kolkata, and Chennai stood at ₹95,660
Spot gold was up nearly 2 per cent at $3,235.89 an ounce at 2:32 p.m. ET (1832 GMT), after hitting a record high of $3,245.28 earlier in the session
The price of 22-carat gold rose ₹10, with ten grams of the yellow metal selling at ₹87,460
Rebounding after four days of sharp fall, gold of 99.5 per cent purity surged by Rs 6,250 to touch an all-time high of Rs 96,000 per 10 grams against the previous close of Rs 89,750 per 10 grams
In the previous session, Indian markets ended in the red after the RBI MPC cut the repo rate by 25 basis points to 6 per cent, and shifted its policy stance from 'accommodative' to 'neutral'.
The price of 22-carat gold rose ₹10, with ten grams of the yellow metal selling at ₹85,610
The price of 22-carat gold rose ₹10, with ten grams of the yellow metal selling at ₹82,910
As market turbulence continues, investors are seeking stability. Watch the video to know about some of the clear front-runners amongst a slew of investment choices.
Support is at $2947 (MCX June contract ₹86,300) /$2900 (₹85,000). Resistance is at $3050 (₹89,300)/$3100 (₹90,800)
On the institutional activity front, FIIs net sold shares worth ₹4,994.24 crore, while DIIs net bought equities of ₹3,097.24 crore, on April 8.
The price of 22-carat gold declined ₹10, with ten grams of the yellow metal selling at ₹82,840
The price of 22-carat gold rose ₹10, with ten grams of the yellow metal selling at ₹85,610
Gold dropped over 3% on Friday, after US President Donald Trump's bigger-than-expected tariff measures rippled across global markets, wiping out nearly $6 trillion in value from US stocks last week
On April 3, spot gold, buoyed by renewed safe haven demand due to unexpectedly high reciprocal tariff rates that pose a risk to the global trade and economy, soared to a fresh record high of $3,167.84
In the previous session, Sensex gained 592.93 points (0.78 per cent) to close at 76,617.44, while Nifty50 rose 166.65 points (0.72 per cent) to settle at 23,332.35
All eyes are on the US non-farm payrolls report, due Friday, for further clues on the Federal Reserve's monetary policy path
Gold rallied 19 per cent in the first quarter as it was up around 2 per cent last week-its fourth straight weekly gain.
The price of 22-carat gold rose ₹10, with ten grams of the yellow metal selling at ₹85,110
The price of 22-carat gold rose Rs 10, with ten grams of the yellow metal selling at Rs 84,260