New Delhi, Apr 1 (PTI) Gold prices surged Rs 2,000, the steepest in nearly two months, to hit a fresh peak of Rs 94,150 per 10 grams in the national capital on Tuesday amid persistent buying by stockists and jewellers, according to the All India Sarafa Association.
On Friday, the precious metal of 99.9 per cent purity settled at Rs 92,150 per 10 grams.
Analysts said the trading sentiment remained firm as gold climbed in the overseas markets on stronger demand for the alternative investment with equity markets sliding.
Staying firm for the fourth straight day, gold of 99.5 per cent purity also surged by Rs 2,000 to reach a lifetime high of Rs 93,700 per 10 grams against the previous close of Rs 91,700 per 10 grams.
The previous record one-day jump in gold price was recorded on February 10 when it gained Rs 2,400 per 10 grams.
So far this year, the yellow metal price has jumped Rs 14,760 or 18.6 per cent from Rs 79,390 per 10 grams on January 1.
Meanwhile, silver prices snapped a three-day winning streak and depreciated Rs 500 to Rs 1,02,500 per kg on Tuesday. The white metal closed at Rs 1,03,000 per kg on Friday.
Bullion markets were closed on Monday on the occasion of Eid-ul-Fitr.
In futures market, gold price for June delivery soared Rs 683 to hit a fresh high of Rs 91,400 per 10 grams on the Multi Commodity Exchange.
In the international market, spot gold climbed to hit a fresh peak of USD 3,149.03 per ounce.
“Gold (prices) have surged to a record high… for the 4th successive session, driven by escalating concerns over potential US trade tariffs. President Trump’s planned levies on all trading partners, set for announcement on Wednesday, have heightened fears of retaliatory measures and global economic instability,” according to Kotak Securities.
This geopolitical uncertainty, coupled with Trump’s volatile stance on the Russia-Ukraine conflict, is fuelling safe-haven demand for gold, the brokerage firm said in a note.
Also, Comex gold futures reached a record high of USD 3,177 per ounce.
“Investors appear to believe that a tariff-driven slowdown in US economic growth will push the US Federal Reserve to resume its rate-cutting cycle soon, bolstering traders sentiment and contributing to gold’s bull run,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
Additionally, spot silver in the Asian market hours went down by 0.74 per cent to USD 33.83 per ounce.
According to Abans Financial Services’ Chief Executive Officer Chintan Mehta, market participants will monitor US data, including job openings numbers, to be released later on Tuesday, the ADP employment report on Wednesday, and the non-farm payrolls figures on Friday that could provide insights into the Fed’s rate-cut trajectory.
