The price of gold reached an all-time high of Rs 89400 per 10 grams on Wednesday. This is due to global uncertainty and demand for safe investment. Silver rose by Rs 600 to Rs 99600 per kg. Gold prices also rose in MCX and Comex markets. According to analysts, the US Federal Reserve meeting and geopolitical situations may affect further prices.
Gold prices in the national capital on Wednesday witnessed a rise of Rs 900. It reached its all-time high of Rs 89,400 per 10 grams. According to the All India Sarafa Association, the record rise in gold prices is due to strong trends in global markets.
The precious metal of 99.9 per cent purity was priced at Rs 88,500 per 10 grams in the previous trading session. Earlier, on February 14, gold prices had risen by Rs 1,300 and reached its all-time high of Rs 89,400 per 10 grams.
Since the beginning of this year till now, gold prices have registered an increase of Rs 10,010 (12.6 per cent). On January 1, it was Rs 79,390 per 10 grams, while now it has gone up to Rs 89,400 per 10 grams.
Apart from this, gold of 99.5 percent purity also rose by Rs 900 to its all-time high of Rs 89,000 per 10 grams. It had closed at Rs 88,100 per 10 grams in the previous session.
Reason for price rise
According to experts, this jump in gold prices has come due to increasing demand for safe investment and the announcement of new tariff policies by US President Donald Trump. Also, geopolitical uncertainty is also taking gold prices up. Silver prices also registered a rise. On Wednesday, it rose by Rs 600 to Rs 99,600 per kg.
Gold performance in future trading
Gold contracts for April delivery on MCX (Multi Commodity Exchange) rose by Rs 479, taking it to a record level of Rs 86,592 per 10 grams in afternoon trade. The price of gold for next month’s delivery remained at a record level of Rs 87,320 per 10 grams.
According to Jatin Trivedi, VP Research Analyst, LKP Securities, “Gold is maintaining its momentum. Due to global uncertainty and tariff concerns, the demand for gold remains as a safe investment, due to which banks and funds are investing more in it.”
Gold-silver situation in the international market
Comex Gold Futures for April delivery rose by $ 12, bringing it near the record level of $ 2,960.99 an ounce. Last week, it had reached an all-time high of $ 2,968.50 an ounce. Silver prices also saw an increase. Comex Silver Futures were trading at $ 33.61 an ounce in the Asian market.
HDFC Securities Senior Analyst (Commodities), Saumil Gandhi said that investors are now waiting for the minutes of the January monetary policy meeting of the US Federal Reserve’s Federal Open Market Committee (FOMC) and the construction permit data to be released on Wednesday. These data and the minutes of the meeting may further impact gold prices.
