Gold prices continued their upward trajectory for the third consecutive session, achieving a new all-time high of ₹89,796 per 10 grams on Thursday, influenced by robust trends in global markets.
On the Multi Commodity Exchange (MCX), April delivery contracts for the precious metal reached this unprecedented peak during the morning trade.
Subsequently, gold pared some gains, trading ₹268 or 0.3% higher than the previous close at ₹88,870 per 10 grams, with a trading volume of 13,084 lots.
Analysts attribute this surge to investors seeking safe-haven assets following the US Federal Reserve's decision to maintain interest rates.
Globally, gold futures touched a lifetime high of USD 3,065.09 per ounce in New York.
Also read: Gems, Jewellery exports fall 23.49 pc in Feb
"Gold rallies to another historic high in international markets after the US Federal Reserve held interest rates steady as anticipated, but signalled a possible reduction in borrowing costs by half a percentage point by the end of this year," remarked Rahul Kalantri, VP of Commodities at Mehta Equities Ltd.
He further noted that both the dollar index and bond yields remaining low have also bolstered gold prices.
The recent surge in gold prices marks a significant increase from previous records. In October 2024, domestic gold prices reached a then-record high of ₹79,700 per 10 grams.
By February 2025, prices had escalated further, with domestic gold prices hitting ₹86,360 per 10 grams.
This upward trend has culminated in the current peak of ₹89,796 per 10 grams, reflecting a substantial rise over the past year.
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