Gold prices jumped by Rs 800 on Friday to hit a record high of Rs 1,03,420 per 10 grams in the national capital, aided by continued buying from stockists and heightened global uncertainties.
The yellow metal of 99.9 per cent purity had already surged Rs 3,600 in the last session to close at Rs 1,02,620 per 10 grams, setting all-time high closing level.
Gold of 99.5 per cent purity also rose by Rs 800 on Friday to reach a lifetime peak of Rs 1,03,000 per 10 grams (inclusive of all taxes), surpassing its earlier record of Rs 1,02,200 per 10 grams achieved after Thursday’s session. Over the last five sessions, gold prices have gained Rs 5,800 per 10 grams.
“Gold prices rise after US imposed a 39 per cent tariff on 1 kg and 100-ounce of gold bars imported from Switzerland, disrupting a key supply route and injecting fresh volatility into the bullion market. The reclassification of these bars under a taxable category ended their long-standing exemption, as Switzerland is a major refining hub and the move has created supply-side uncertainty and revived safe-haven interest in gold amid broader geopolitical tensions,” said Chintan Mehta, CEO of Abans Financial Services.
Silver prices also witnessed a sharp rally, climbing Rs 1,000 to Rs 1,15,000 per kilogram (inclusive of all taxes) on Friday, up from Rs 1,14,000 per kilogram in the previous session. In the past five trading days, silver has added Rs 5,500 per kilogram.
According to Saumil Gandhi, Senior Analyst, Commodities, gold’s latest surge is “fuelled by worries about the global economic outlook, particularly following the implementation of President Donald Trump’s new tariffs on Thursday”.
Gandhi added that “weak US macroeconomic data has increased expectations that the Federal Reserve will lower interest rates as early as September”.
On the Multi Commodity Exchange (MCX), the most traded gold futures for October delivery advanced by Rs 782, or 0.77 per cent, to hit a fresh peak of Rs 1,02,250 per 10 grams. December contracts also gained Rs 849, or 0.83 per cent, touching a lifetime high of Rs 1,03,195 per 10 grams.
“Going ahead, gold prices are expected to remain choppy as Trump’s tariff stance continues to create uncertainty, especially with the India deal appearing off the table for now. Any positive movement in the rupee could limit gold’s upside,” noted JateenTrivedi, VP Research Analyst – Commodity and Currency at LKP Securities.
Silver futures for September delivery on the MCX rose Rs 554, or 0.48 per cent, to Rs 1,14,840 per kilogram.
In the international market, spot gold traded flat at USD 3,388.56 per ounce after earlier rising USD 104.02, or 3.06 per cent, to touch a record USD 3,500.33 per ounce in New York. “Gold reached a fresh high above USD 3,500, with the Bank of England lowering interest rates for the sixth time this year and jobless claims increasing more than anticipated this week,” said RenishaChainani, Head Research at Augmont.
Spot silver in global markets was slightly higher at USD 38.28 per ounce.
