Gold rallies Rs 1,950, silver soars Rs 7,500

New Delhi: Gold prices rallied by Rs 1,950 to hit a fresh peak of Rs 1,27,950 per 10 grams in the national capital on Monday, driven by safe-haven demand amid renewed US-China trade tensions.

According to the All India Sarafa Association, the precious metal of 99.9 per cent purity had closed at Rs 1,26,000 per 10 grams on Friday.

In addition, gold of 99.5 per cent purity jumped by Rs 1,950 to touch an all-time high of Rs 1,27,350 per 10 grams (inclusive of all taxes).

The yellow metal had settled at Rs 1,25,400 per 10 grams in the previous market session. “Gold prices rose sharply higher as renewed US-China trade tensions reignited safe-haven demand,” Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said. Silver prices too witnessed robust traction in the spot markets.

The white metal bounced by Rs 7,500 to hit a new record of Rs 1,79,000 per kilogram (inclusive of all taxes) on Monday.