Gold prices rose to a fresh lifetime high of ₹1,38,200 per 10 grams, gaining ₹1,685, in the national capital on Monday following the precious metal scaling record highs in the global markets.
Silver prices also raced to hit an all-time high of ₹2,14,500 per kilogram (inclusive of all taxes) in the capital, up by ₹10,400 per kg.
In Calcutta, pure gold rose to ₹1,33,950, a rise of ₹1,600 over Staurday’s close, while hallmark gold jumped to ₹1,27,950, a gain of ₹1,500. Silver bar rose to ₹2,08,700 per kg, a gain of ₹4,000, while silver portion rose to ₹2,08,800.
“Bullish momentum extended in bullion, with gold and silver surging to another fresh record high on Monday,” Saumil Gandhi, senior analyst — commodities at HDFC Securities, said.
Global rush
Gold jumped more than 2 per cent to a record high of at $4,440.21 on Monday, powered by safe-haven flows as US-Venezuela tensions flared, while silver also touched an all-time peak. US gold futures for February delivery climbed nearly 2 per cent to $4,471.1 per ounce.
“Investor interest in silver and gold has grown considerably as interest rates are going down in the US, fiscal concerns are growing, and the American economy is becoming more uncertain,” Gandhi said.
He added that this has led to a shift towards the safe-haven asset. In addition, the demand for a safe haven also increased due to the escalating geopolitical tensions.
Spot silver was up 2.1 per cent at $68.55 after hitting a new high of $69.44. Prices are up 136 per cent so far this year.
“Silver prices have reached a record high, reflecting strong industrial demand along with rising investment demand,” Satish Dondapati, fund manager at Kotak Mutual Fund, said.
Renisha Chainani, head — research at Augmont, said, “Mining disruptions and limited silver inventories are causing severe supply shortfalls, driving prices higher.”
“A weak dollar is expected to continue to boost speculator demand for silver, not to mention any geopolitical tensions that would generate keener safe-haven demand for silver,” she added.
