Gold and silver prices dazzled in the national capital on Tuesday with both precious metals vaulting to uncharted highs, driven by strong investor demand and a global rally amid rising geopolitical and trade tensions.
Gold of 99.9 per cent purity increased Rs 7,300, or 4.6 per cent, to touch an all-time high of Rs 1,66,000 per 10 grams (inclusive of all taxes). The yellow metal had closed at Rs 1,58,700 per 10 grams on Friday.
Silver prices continued their remarkable performance, outperforming gold for yet another session in the bullion markets. The white metal skyrocketed by Rs 40,500, or 12.3 per cent, to hit a new peak of Rs 3,70,000 per kilogram. The metal had settled at Rs 3,29,500 per kilogram in the previous market session.
According to FOREX.com, silver prices extended their rally with spot prices soaring USD 8.55, or 8.24 per cent, to USD 112.41 per ounce in the international market. The white metal had surged by USD 14.42, or 14 per cent, to touch a new peak of USD 117.73 per ounce in the previous session. Silver is additionally benefiting from robust industrial demand alongside investment flows.
The white metal prices in the near-term may see bouts of profit-booking and consolidation, but the broader bias remains positive as long as global risk sentiment stays fragile and the dollar remains under pressure. Silver prices crossed the crucial USD 100 per ounce level for the first time on Friday in the overseas market, reinforcing investor appetite for the safe-haven asset.
Gold also extended its upward momentum in the global markets, with the metal gaining for the seventh consecutive day. It appreciated by USD 79.13, or 1.58 per cent, to USD 5,087.48 per ounce. The yellow metal had earlier breached the psychological USD 5,000 per ounce level for the first time, rising by USD 121.07, or 2.43 per cent, to hit a record of USD 5,110.24 per ounce on Monday.
Spot gold was trading higher at around USD 5,080 per ounce in the overseas markets, driven by renewed geopolitical tensions and a weaker dollar.
In the last seven trading sessions, gold prices have risen USD 416.59, or nearly 9 per cent, from USD 4,670.89 per ounce recorded on USD January 19.
In precious metals this year, the dominant driver has been policy uncertainty under Trump. A fresh wave of first-time investors, especially across Asia and Europe, is aggressively building personal holdings of gold and silver, adding structural support to prices.
Also read: Gold, silver prices breach record levels on weak dollar
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