Amid strong global cues, gold rose to Rs. 630 rose to Rs. 82,730 reached a record high

According to the All India Sarafa Association, gold prices in the national capital on Wednesday rose to Rs. 630 to Rs. 82,700 per 10 grams had reached a lifetime high. Gold of 99.5 per cent purity rose for the sixth consecutive session at Rs. 630 to Rs. 82,330 per 10 gm reached a lifetime peak.

“Gold prices touched new all-time highs in Wednesday’s session. Uncertainty surrounding US President Donald Trump’s trade policy appears to be an important factor driving the sheltering flow towards precious metals,” said Saumil Gandhi, senior commodity analyst at HDFC Securities.

Gold of 99.9 per cent purity was earlier on October 31, 2024 at Rs. reached a record high of 82,400. Gold of 99.5 percent purity on the same day was Rs. 82,000 per 10 grams reached an all-time high.

On Wednesday silver too Rs. 1,000 increased to Rs. 94,000 per kg was reached.

Meanwhile, in futures trade on the Multi Commodity Exchange (MCX), the gold contract for February delivery on Wednesday settled at Rs. 299 or 0.38 percent to Rs. 79,523 per 10 grams was traded.

“In the domestic market, MCX gold registered a comparatively modest gain, limited by rupee strength. This currency strength limited the upward movement in domestic gold prices,” Jatin Trivedi, VP Research Analyst – Commodity & Currency, LKP Securities, said.

Silver contract for March delivery Rs. 204 or 0.22 percent to Rs. 92,295 per kg.

Globally, Comex gold futures rose USD 10.20, or 0.37 percent, to USD 2,769.40 an ounce.

“Gold prices continue to rise as the dollar weakens. Markets are jittery after Trump delayed his promised trade tariffs on China, Mexico and Canada, raising fears that he could stoke fears of a protracted trade war next month,” Ebens Holdings chief executive said. Officer Chintan Mehta said.

Additionally, weak economic data added to the bullish outlook for gold, with retail sales falling short of expectations and jobless claims, Mehta said.

These signs of economic stress have fueled speculation that the US Federal Reserve may ease its dovish stance and introduce more rate cuts this year, and the appeal of gold as a safe-haven asset. will accelerate, he added.

Silver Comex futures also traded up 0.27 percent at $31.58 an ounce.

According to Renisha Chainani, head of research at Augmont, “With much uncertainty in the market about the tariffs imposed by US President Trump on imports, the price market is building momentum to reach record-high levels.

“Over the past ten years, the US trade deficit has almost doubled, from USD 500 billion to USD 850 billion in 2024,” Chainani said.