(MENAFN- Kashmir Observer) New Delhi- Gold prices rose for the second straight session to hit another fresh all-time high of Rs 83,800 per 10 grams in the national capital on Thursday amid strong global trends.
According to the All India Sarafa Association, the yellow metal of 99.9 per cent purity edged up by Rs 50 to hit another fresh peak of Rs 83,800 per 10 grams from the previous close of Rs 83,750 per 10 grams on Wednesday.
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Gold of 99.5 per cent purity also advanced Rs 50 to hit a lifetime high of Rs 83,400 per 10 grams. It had closed at Rs 83,350 per 10 grams in the previous trading session.
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Additionally, silver rallied by Rs 1,150 to Rs 94,150 per kg from the previous market close of Rs 93,000 per kg.
Meanwhile, in futures trade, gold contracts for February delivery climbed Rs 575 or 0.72 per cent to hit a lifetime of Rs 80,855 per 10 grams. For April contracts, the yellow metal advanced by Rs 541 or 0.67 per cent to hit a fresh peak of Rs 81,415 per 10 grams on the Multi Commodity Exchange (MCX).
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“Gold traded positively in MCX as participants positioned themselves against potential import duty hikes, following the 6 per cent cut in the previous Budget.
“A significant divergence was observed between Comex and MCX, with domestic gold rallying 2.5 per cent in the past week, while Comex gained only 0.50 per cent,” Jateen Trivedi, VP Research Analyst of Commodity and Currency, LKP Securities, said.
Silver futures for March delivery surged by Rs 1,050 or 1.14 per cent to Rs 92,916 per kg from the previous close of Rs 91,866 per kg on Wednesday.
In the international markets, Comex gold futures jumped USD 23.65 per ounce or 0.84 per cent to hit an all-time high of USD 2,817.15 per ounce.
“Uncertainty around US President Donald Trump's policy causes a new leg down in US Treasury yields, which helps gold prices continue their northward journey,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
Further, investors are still anxious about the economic consequences of Trump's trade tariffs and protectionist policies, which continue to support the safe-haven precious metal, Gandhi added.
Investors are dumping riskier assets as they prefer safe haven amid global economic uncertainties. Against this backdrop, gold outshining other riskier asset classes like equities, traders said.
Comex silver futures in the Asian market hours also traded 2.06 per cent higher at USD 32.04 per ounce.
On Wednesday, the US Federal Reserve (Fed) kept the interest rates unchanged at 4.25-4.5 per cent as it is not in a hurry to cut rates. The Fed called the risks to its dual mandate of employment and inflation as finely balanced.
According to commodities experts, the US Treasury yields had a muted response to Fed Chair Jerome Powell's commentary, suggesting that interest rates could remain higher for longer due to ongoing inflationary threats and a robust labour market, which helped gold prices.
“Traders now focus on key economic indicators, including GDP figures, jobs data, and pending home sales, for further insights into the US economy, especially given Powell's emphasis that future rate decisions will remain data-dependent,” Kaynat Chainwala, AVP-Commodity Research at Kotak Securities, said.
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