According to the All India Sarafa Association, the price of gold rose Rs 6,250, reaching a record high of Rs 96,450 per 10 grams in Delhi on Friday.
Analysts said Yellow Metal has reached a lifelong high level in international markets for strong, safe haven demand amid escalating trade tensions between the US and China. This also raised domestic prices, they added.
On Wednesday, 99.9% of precious metals were closed at Rs 90,200 per 10 grams. Rebounding after a sharp fall for four days, the 99.5% pure gold surged at Rs 6,250, touching an all-time high of Rs 96,000 per gram against the previous closure of Rs 89,750 per gram.
Silver prices also recorded rapid growth of Rs 2,300 to Rs 95,500 per kg, mainly in parallel with global trends. The metals were closed at Rs 93,200 per kg due to the previous market being closed.
The bullion market closed on Thursday during Mahabir Jayanti.
Meanwhile, the gold futures for delivery in June climbed at Rs 1,703, reaching yet another lifetime high of Rs 93,736 per 10 grams on the Multicommodity Exchange.
“Gold has expanded its record-breaking rally… it won a fresh lifetime high of nearly Rs 93,500 at the MCX, neglecting the strength of the rupee as the geopolitical tensions and tariff battles between the US and China escalated further.”
In the international market, Spot Gold jumped to a fresh peak of $3,237.39 per ounce. It then slipped to $3,222.04 per ounce. Additionally, Comex Gold futures in Asian market time reached a record high of $3,249.16 per ounce.
Kaynat Chainwala, vice president of product research at Kotak Securities, said Comex Gold Price jumped to record highs as demand for safe havens rose amid growing trade tensions between the US and China.
