On Friday, gold prices in the national capital surged by Rs 700, trading near their record high at Rs 82,000 per 10 grams, marking the third consecutive day of rising prices. According to the All India Sarafa Association, this increase is due to continued buying activity in local markets. The previous day’s price had been Rs 81,300 per 10 grams.
The price of 99.5% pure gold also witnessed an upward movement, climbing Rs 700 to Rs 81,600 per 10 grams, compared to Rs 80,900 per 10 grams the day before. Despite a weaker trend in the international markets, the domestic gold market remained strong, primarily driven by high demand from jewelers and traders.
On the other hand, silver prices took a hit, declining by Rs 500 to Rs 93,500 per kg, compared to Rs 94,000 per kg in the previous session. The record high prices of gold were last seen on October 31, 2024, when 99.9% pure gold hit Rs 82,400 and 99.5% purity reached Rs 82,000 per 10 grams.
In futures trading on the Multi Commodity Exchange (MCX), gold contracts for February delivery fell by Rs 424 or 0.54%, settling at Rs 78,802 per 10 grams. Despite the minor dip in futures, the long-term outlook for gold remains buoyed by strong domestic demand and ongoing geopolitical uncertainties.
Globally, Comex gold futures declined by 0.77%, trading at USD 2,729.80 per ounce. Silver futures on the Comex also fell by 1.47% to USD 31.26 per ounce, reflecting broader market trends and concerns over US economic data and trade policies.