Gold prices rose to a fresh lifetime high of Rs 1,38,200 per 10 grams, gaining Rs 1,685, in the national capital on Monday following the precious metal scaling record highs in the global markets.
Silver prices also raced to hit an all-time high of Rs 2,14,500 per kg in the capital, up by Rs 10,400 per kg. Bullish momentum extended in bullion with gold and silver surging to another fresh record high on Monday. In the international markets, spot gold increased by US $80.85, or 1.86 per cent, to hit a record of US $4,420.35 per ounce.
Investor interest in silver and gold has grown considerably as interest rates are going down in the US, fiscal concerns are growing and the American economy is becoming more uncertain. This has led to a shift towards the safe-haven asset. In addition, the demand for safe haven has also increased due to the escalating geopolitical tensions.
Spot silver appreciated by US $2.31, or 3.44 per cent, to hit a lifetime high of US $69.45 per ounce in the overseas markets. Silver prices have reached a record high, reflecting strong industrial demand along with rising investment demand.
Mining disruptions and limited current silver inventories are causing severe supply shortfalls, driving prices higher. A weak dollar is expected to continue to boost speculator demand for silver.
Also read: Gold prices surge by ₹2,000 to reach ₹1,27,900
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