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Gold and silver prices reached fresh record levels on Monday, surging by Rs 1,300 each, driven by strong global market trends amid rising concerns over US tariffs, trade tensions, and expectations of monetary policy easing by the Federal Reserve.
According to the All India Sarafa Association, gold of 99.9% purity surged by Rs 1,300, hitting an all-time high of Rs 90,750 per 10 grams, compared to the previous close of Rs 89,450 per 10 grams on Thursday.
Gold of 99.5% purity also jumped by Rs 1,300, reaching a record high of Rs 90,350 per 10 grams from the previous closing price of Rs 89,050 per 10 grams, news agency PTI reported.
Saumil Gandhi, Senior Analyst, Commodities at HDFC Securities, attributed the record-breaking rally in precious metals to several factors, including central bank buying and global economic instability.
He noted that increasing demand for safe-haven assets due to trade and economic policies under US President Donald Trump had heightened economic uncertainty, driving up gold prices.
So far this year, gold prices have climbed Rs 11,360, or 14.31%, from Rs 79,390 per 10 grams on January 1 to Rs 90,750 per 10 grams. The bullion market had remained closed on Friday for the Holi festival.
Silver prices also surged by Rs 1,300, reaching a new record of Rs 1,02,500 per kg, up from Rs 1,01,200 per kg on Thursday.
Meanwhile, gold futures for April delivery rose by Rs 13 to Rs 88,004 per 10 grams on the Multi Commodity Exchange, following a record peak of Rs 88,310 per 10 grams on Friday.
In international markets, spot gold climbed by USD 14.48 to USD 2,998.90 per ounce, having breached the USD 3,000 per ounce mark on Friday. Comex gold futures also traded higher at USD 3,007 per ounce, after hitting a record high of USD 3,017.10 per ounce on Friday.
Chintan Mehta, CEO of Abans Financial Services Ltd, stated that gold prices remain near record highs due to growing expectations of further US Federal Reserve interest rate cuts, fuelled by cooling inflation. He also pointed to geopolitical tensions, including US strikes on Yemen’s Houthis, which have escalated regional risks and further supported bullion prices.
Investors are closely monitoring the Federal Open Market Committee (FOMC) meeting starting on Tuesday for further insights into the Fed’s monetary policy direction.