New Delhi, Mar 27 (PTI) Gold prices in the national capital rose by Rs 365 to Rs 91,050 per 10 gram on Thursday amid a firm trend in overseas markets, according to the All India Sarafa Association.
The precious metal of 99.9 percent purity had closed at Rs 90,685 per 10 gram on Wednesday.
Gold of 99.5 percent purity also rose by Rs 365 to Rs 90,600 per 10 gram, compared to Rs 90,235 per 10 gram the previous day.
“Gold continued to gain momentum as global risk sentiment rose following the new auto tariffs announced by US President Donald Trump on Wednesday,” said Saumil Gandhi, senior analyst, commodities at HDFC Securities.
Silver prices also rose by Rs 200 to Rs 1,01,700 per kg. On Wednesday, it had closed at Rs 1,01,500 per kg. Meanwhile, gold futures for April delivery on the Multi Commodity Exchange (MCX) rose by Rs 828, or 0.94 percent, to trade near record high of Rs 88,466 per 10 gram.
Prices of the yellow metal rose to an all-time high of Rs 89,796 per 10 gram on March 20. Spot gold rose by $34.77, or 1.15 percent, to trade near record high of $3,054.05 an ounce in the international markets.
“Gold prices traded near $3,050 an ounce on expectations of lower US GDP data and anticipated reciprocal tariffs from the US on April 2,” said Jatin Trivedi, VP Research Analyst, Commodity & Currency at LKP Securities.
Besides, fresh US threats towards the eurozone over potential support for Canada have added to market risks, further fuelling safe-haven demand, Trivedi said. Comex gold futures for April delivery rose to a new peak of $3,094.85 an ounce in Asian market hours.
According to Chintan Mehta, chief executive officer of Abans Financial Services, as fears over Trump’s policies persist, central banks continue to accumulate gold as a hedge against economic and geopolitical instability, leading to strong demand for the precious metal.
“With rising geopolitical risks in the region, gold continues to shine as a preferred safe-haven asset, supporting the ongoing rally,” Mehta added. Investors await US personal consumption expenditure (PCE) data to be released on Friday, a key indicator for the US Federal Reserve’s next monetary policy. In addition, market participants will also closely monitor speeches by several Federal Reserve officials for insights on the US central bank’s future monetary policy outlook.
