Gold prices increased by ₹350 on Monday, reaching ₹89,100 per 10 grams in the national capital.
This rise follows a strong global trend, bringing gold prices close to an all-time high. Meanwhile, silver prices remained unchanged at ₹1 lakh per kg.
Gold Prices Continue to Climb
According to the All India Sarafa Sangh, gold with 99.9% purity closed at ₹88,750 per 10 grams on Friday. By Monday, its price rose by ₹350 to ₹89,100 per 10 grams.
Similarly, gold with 99.5% purity also increased by ₹350, reaching ₹88,700 per 10 grams, up from its previous price of ₹88,350 per 10 grams.
In international markets, COMEX gold futures for April delivery stood at $2,954.71 per ounce. Spot gold prices also rose by $5.50, reaching $2,941.55 per ounce.
Last week, gold of 99.9% and 99.5% purity hit record highs of ₹89,450 and ₹89,050 per 10 grams, respectively.
Reasons Behind the Surge
HDFC Securities Senior Analyst (Commodity) Saumil Gandhi stated that gold prices increased slightly as investors sought safe investments amid global trade tensions.
A weaker US dollar has also contributed to the rising gold prices. The dollar index has been declining for the third consecutive week due to mixed US economic data.
Jatin Trivedi, Vice President and Research Analyst at LKP Securities, mentioned that COMEX gold remained above $2,925, supporting market confidence.
Additionally, the weakness of the Indian rupee provided further support to MCX gold.
Chintan Mehta, CEO of Abans Holdings, explained that gold prices are near record highs due to the weakening dollar.
Central banks worldwide are accumulating gold as a safeguard against economic instability and policy uncertainty.
Meanwhile, in the Asian market, silver futures fell by 0.43%, settling at $33.20 per ounce.
