NEW DELHI, Mar 27: Gold prices increased by Rs 365 to Rs 91,050 per 10 grams in the national capital on Thursday amid a strong trend in the overseas markets, according to the All India Sarafa Association.
The precious metal of 99.9 per cent purity had closed at Rs 90,685 per 10 grams on Wednesday.
Gold of 99.5 per cent purity also rose by Rs 365 to Rs 90,600 per 10 grams against the previous close of Rs 90,235 per 10 grams.
“Gold maintains its gains as the global risk sentiment has been increased, following the new auto tariffs announced by the US President Donald Trump on Wednesday,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
Silver prices also went up by Rs 200 to Rs 1,01,700 per kg. It had ended at Rs 1,01,500 per kg on Wednesday.
Meanwhile, gold futures for April delivery surged by Rs 828 or 0.94 per cent to trade near a record high of Rs 88,466 per 10 grams on the Multi Commodity Exchange (MCX).
On March 20, the yellow metal prices rose to hit a lifetime high of Rs 89,796 per 10 grams.
Spot gold in the international markets climbed by USD 34.77 or 1.15 per cent to trade near a record high of USD 3,054.05 per ounce.
“Gold prices surged near USD 3,050 per ounce as expectations of lower US GDP data and the anticipated reciprocal tariffs from the US on April 2, fuelled uncertainty,” Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities, said.
Additionally, new threats from the US towards the Eurozone over potential support for Canada have heightened market risks, further boosting safe-haven demand, Trivedi said.
Comex gold futures for April delivery in the Asian market hours rose to hit a fresh peak of USD 3,094.85 per ounce.
According to Abans Financial Services’ Chief Executive Officer Chintan Mehta, apprehensions over Trump’s policies linger, central banks continue accumulating gold as a hedge against economic and geopolitical instability, sustaining strong demand for the precious metal.
Mehta further said, “With rising geopolitical risks in the region, gold continues to shine as the preferred safe-haven asset, supporting the ongoing rally.”
Investors are awaiting the US Personal Consumption Expenditures (PCE) data to be release on Friday, a key indicator for the US Federal Reserve’s next monetary policy moves.
Additionally, market participants will also closely monitor the speeches from multiple Federal Reserve officials for insights into the US central bank’s future monetary policy outlook, he added. (PTI)
Follow our WhatsApp channel
