strong global trends Gold prices rose by Rs 630 to a life time high of Rs 82,700 per 10 grams in the bullion market of the national capital on Wednesday due to demand from jewelers amid rising demand from jewelers. All India Bullion Association gave this information. Rising for the sixth consecutive session, gold of 99.5 percent purity rose by Rs 630 to reach an all-time high of Rs 82,330 per 10 grams. Saumil Gandhi, senior commodity analyst at HDFC Securities, said gold prices touched a new record high on Wednesday. The bullish trend in gold continues due to investment in precious metals due to uncertainty over US President Donald Trump’s trade policy.
Record of October 31, 2024 broken
Gold of 99.9 percent purity had earlier reached its record level of Rs 82,400 on October 31, 2024. On the same day, gold of 99.5 percent purity had reached an all-time high of Rs 82,000 per 10 grams. On Wednesday, silver also increased by Rs 1,000 to Rs 94,000 per kg. Jatin Trivedi, Vice President, Research Analyst (Commodity & Currency), LKP Securities, said that in the domestic market, MCX gold witnessed comparatively modest gains, limited by the strengthening rupee. The currency’s strength limited the upside in domestic gold prices.
Global market also booming
Globally, Comex gold futures rose $10.20 to $2,769.40 an ounce. Additionally, weak economic data has fueled gold’s rally as retail sales fell short of expectations and unemployment claims fell, Mehta said. Silver Comex futures also rose 0.27 percent at $ 31.58 an ounce.
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