Gold prices climbed by ₹600 to reach an all-time high of ₹89,450 per 10 grams in Delhi on Thursday, extending gains amid uncertainty around trade tariffs and prospects of a recession in the US and European economies.
In Calcutta, pure gold prices reached ₹86,950 per 10 grams, up ₹500 from ₹86,400 on Wednesday.
In the international market, gold price at the Comex was $2953.20 per ounce on Thursday, inching closer to the milestone of $3,000 per ounce.
On the global front, JPMorgan has increased the odds of a US recession this year to 40 per cent.
On Thursday, German central bank president Joachim Nagel warned that US tariffs could push Europe’s largest economy into a recession, with Berlin facing a debate over a potential overhaul of its fiscal policies.
Along with a rally in gold, silver prices also jumped by ₹1,000 to hit nearly a five-month high of ₹1,01,200 per kg. The white metal had finished at ₹1,00,200 per kg in the previous market close. In Calcutta, silver bar prices were at ₹98,650 per kg, up from ₹98,250 per KG on Wednesday.
Meanwhile, in futures trade on the Multi Commodity Exchange, gold contracts for April delivery rallied by ₹210, or 0.24 per cent, to hit a record high of ₹86,896 per 10 grams in the evening session.
“Gold prices surged to a new record high in the domestic market, while in the international market, spot gold rallied to near-record highs buoyed by safe-haven demand and cooler-than-expected US consumer inflation data, which supported the case for further Federal Reserve monetary easing this year,” Saumil Gandhi, senior analyst — commodities at HDFC Securities, said.
Traders are now looking forward to US macroeconomic data, including weekly jobless claims and PPI (Producer Price Index), for more cues on the overall inflation basket, Gandhi added.
