Gold touches new peak of ~69,200/10g

Gold prices jumped by ~830 to reach a new peak of ~69,200 per 10 grams on Wednesday amid a rally in precious metal rates in the global markets, according to HDFC Securities.

This is the second time that the yellow metal’s prices have hit an all-time high in this week. In the previous trade, the precious metal had closed at ~68,370 per 10 grams.

Silver prices also surged by ~1,700 to ~80,700 per kg. It had finished at ~79,000 per kg in the previous close.

“Spot gold prices (24 carats) in the Delhi markets are trading at ~69,200 per 10 grams, up by ~830, taking a bullish trend in the overseas markets,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.

In the international markets, spot gold at COMEX was trading at $2,275 per ounce, up by $20 from the previous close.

“Gold up at yet another all-time high with prices breaching past $2,300 per ounce in early trade, while futures on MCX rose close to alltime around ~69,500, as demand for safe-haven metal continues to grow, amid possibility of escalation in tensions in West Asia. “Further, uncertainty over the timing of interest rate cuts by the US Fed after recent stronger-than-expected economic readings, which also pushed the bullion prices trade higher,” Pranav Mer, vicepresident, EBG Commodity & Currency Research at JM Financial Services, said.

Additionally, silver was also trading higher at $26.25 per ounce. In the previous session, it had settled at $25.55 per ounce.

“Traders will be anticipating the nonfarm employment data and a speech from the US Federal Reserve Chair Jerome Powell on Wednesday, and any indication from the Fed will help determine the future trajectory of monetary policy interest rate outlook,” Chintan Mehta, Chief Executive Officer of Abans Holdings, said.