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As the festival of Diwali is around the corner, Gold prices surged by Rs 200 to hit an all-time high of Rs 78,700 per 10 grams in the national capital on Monday, driven by consistent buying from stockists and traders, according to the All India Sarafa Association. This increase comes despite a weakening global trend for the precious metal. Notably, Gold had previously closed at Rs 78,500 per 10 grams on Friday. Silver also saw a substantial rise, jumping Rs 500 to reach Rs 93,500 per kilogram, fueled by renewed industrial demand. The metal had closed at Rs 93,000 per kg in the last trading session.
Additionally, gold of 99.5 per cent purity climbed by Rs 600 to reclaim its all-time high level of Rs 78,300 per 10 grams. The metal had finished at Rs 78,100 per 10 grams. Earlier, gold prices hit a record Rs 78,700 per 10 grams on October 7.
Despite a weak trend overseas, the precious metal gained in the domestic market, mainly due to an increase in demand from jewellers, traders said. In futures trade on the Multi Commodity Exchange (MCX), gold contracts for December delivery declined by Rs 207 or 0.27 per cent to trade at Rs 76,100 per 10 grams.
Gold in international markets
In the international markets, Comex gold is trading 0.25 per cent lower at USD 2,669.50 per ounce. “Gold resumed trading on a weaker note on Monday, pressured by strong US dollar and Treasury yields,” Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said. In addition to this, the long liquidation by short-term traders also had a negative impact on gold prices, and money managers reduced their net-bullish bets on gold to their lowest level in eight weeks, Gandhi added. Silver fell 1.17 per cent lower to USD 31.39 per ounce in Asian markets.
(With inputs from PTI)
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