Yellow metal zooms by Rs 1,050 to cross Rs 73k/10gm mark; silver too hits fresh peak

AMN

Gold reached a new all-time high in the early hours of the European trading day on Friday. Safe haven demand supported the spike in precious metals following heightened Middle East tensions and the possibility of Iran retaliating against an Israeli strike on its embassy in Syria.

According to HDFC Securities, gold price surged Rs 1,050 to hit its lifetime high of Rs 73,350 per 10 grams in Delhi. It had closed at Rs 72,300 per 10 grams in the previous session.

Similarly, silver prices zoomed Rs 1,400 to hit a new record of Rs 86,300 per kg.

“Spot gold (24 carats) prices in the Delhi markets are trading at a record high of Rs 73,350 per 10 grams, up by Rs 1,050, taking positive cues from overseas markets,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.

Commodity markets were partially closed on Thursday on account of Eid-Ul-Fitr.

In the global markets, spot gold at Comex traded at USD 2,388 per ounce, up USD 48 from the previous closing level.

Gold reached a new all-time high in the early hours of the European trading day on Friday. Safe haven demand supported the spike in precious metals following heightened Middle East tensions and the possibility of Iran retaliating against an Israeli strike on its embassy in Syria, Gandhi said.

In addition, silver was also quoting higher at USD 28.95 per ounce. In the previous session, it had settled at USD 28.05 per ounce.

Meanwhile, in the futures trade on the MCX, gold climbed to an all-time high of Rs 72,828 per 10 grams in the intra-day trade. The most-traded June contract of the yellow metal was trading at Rs 72,681 per 10 grams, up by Rs 1,037 or 1.45 per cent.