- Friday, January 24, 2025
The precious metal of 99.9 per cent purity rose ₹200 to hit a fresh lifetime high of ₹83,100 (£776.18) per 10 grams in Delhi
By: India Weekly
GOLD prices extended the rally for the eighth consecutive session and climbed ₹200 to breach the psychological level of ₹83,000 per 10 grams for the first time in the national capital on Friday amid aggressive buying triggered by global market uncertainties.
According to the All India Sarafa Association, the precious metal of 99.9 per cent purity rose ₹200 to hit a fresh lifetime high of ₹83,100 (£776.18) per 10 grams.
It had closed at ₹82,900 per 10 grams on Thursday.
“Gold extended gains on Friday, with spot gold in the domestic market hitting fresh all-time highs,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
The current bullish momentum in gold is driven by uncertainty surrounding the potential US tariffs plan and other policies from president Donald Trump, which has led to a recent surge in safe-haven buying, Gandhi added.
The yellow metal of 99.5 per cent purity also appreciated by ₹200 to hit a record high of ₹82,700 (£772.44) per 10 grams from the previous close of ₹82,500 per 10 grams.
Additionally, silver climbed ₹500 to ₹94,000 (£877.99) per kg on Friday. The white metal finished at ₹93,500 per kg in the last trading session.
Bullion traders attributed the rise in precious metal prices to heightened demand by jewellers and retailers, along with a strong trend in the international markets.
Trump announced that his government was considering levying a 25 per cent tax on Canada and Mexico.
The US president’s proposed policies are widely viewed as inflationary, which could force the Federal Reserve to maintain its hawkish stance and keep interest rates higher for longer to curb rising price pressures.
Mexico is the top producer of silver, and it is unclear whether the tariffs would apply to imports of the metal.
Market participants are focusing on the upcoming Federal Reserve policy meeting scheduled for January 29, which can provide more cues for the future course of trajectory for the bullion prices, Jateen Trivedi, VP Research Analyst of Commodity and Currency, LKP Securities, said. (PTI)
