Gold Prices Hit Record High Amid Strong Global Cues

Gold prices soared to Rs 84,900 per 10 grams in Delhi, driven by strong domestic demand and international factors. The metal has increased by 7% since January 1. The futures market also saw record highs, influenced by global economic conditions and anticipated policy changes.

Gold prices in the national capital surged to an unprecedented Rs 84,900 per 10 grams, sustained by buoyant local demand and international influences, according to the All India Sarafa Association. The price for gold with 99.9% purity rose by Rs 1,100, marking the third consecutive session of growth.

The precious metal has seen a significant rally, climbing Rs 5,510 or 7% since the beginning of the year when the price was Rs 79,390 per 10 grams. Gold with 99.5% purity also hit a lifetime high of Rs 84,500 per 10 grams. Silver followed suit, advancing by Rs 850 to Rs 95,000 per kg.

The futures market reflected similar trends with February and April gold contracts on the MCX reaching new peaks. Analysts attribute the bullish momentum to international market dynamics and investor demand for safe-haven assets amid geopolitical concerns.

(With inputs from agencies.)