Gold rises by ₹200 to surpass ₹83,000 mark for first time | Stock Market News

Gold prices continued their upward trend for the eighth straight session, gaining ₹200 to surpass the significant ₹83,000 mark per 10 grams for the first time in the national capital on Friday. This surge was fueled by robust buying driven by uncertainties in global markets.

As per the All India Sarafa Association, gold with 99.9% purity increased by ₹200, reaching a new all-time high of ₹83,100 per 10 grams. On Thursday, the metal had closed at ₹82,900 per 10 grams.

“Gold extended gains on Friday, with spot gold in the domestic market hitting fresh all-time highs,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.

The current bullish trend in gold is fueled by uncertainty over potential U.S. tariffs and other policies from President Donald Trump, spurring a rise in safe-haven buying, according to Gandhi.

Gold with 99.5 percent purity rose by ₹200, reaching an all-time high of ₹82,700 per 10 grams, up from the previous close of ₹82,500 per 10 grams.

Meanwhile, silver also gained ₹500, climbing to ₹94,000 per kg on Friday, compared to ₹93,500 per kg in the previous session.

On the MCX, February gold futures increased by ₹334 or 0.42 percent, settling at ₹79,960 per 10 grams. The yellow metal surged by ₹424 or 0.53 percent intraday, nearing a record high of ₹80,050 per 10 grams.

“Prices in MCX are near record high as Trump trade policies and tariff plans created an uncertain environment in the market, which may boost safe-haven demand,” Deveya Gaglani, Research Analyst-Commodities, Axis Securities, said.

The futures index for precious metals reached a record high of ₹80,282 per 10 grams on October 30, 2024.

Silver futures for March delivery rose by ₹835 or 0.92% to ₹91,984 per kg on the Multi Commodity Exchange (MCX).

In global markets, Comex gold futures climbed by USD 15.50 per ounce or 0.56%, reaching USD 2,780.50 per ounce.

According to Kaynat Chainwala, AVP-Commodity Research at Kotak Securities, investors are likely to focus on flash PMIs for early signals of economic activity in major global economies and US housing data for further economic insights.

Additionally, Comex silver futures advanced by 1.53% to USD 31.32 per ounce during Asian market hours.

According to Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities, investors will also look ahead for the upcoming Union Budget and the US Federal Reserve’s interest rate decision, which are the key events on the radar for the future course of action for the bullion prices.