Gold Continues To Glitter For 2nd Day; Hit Fresh Peak Of Rs 95,935/10 g

Gold prices continued their upward trend for the second straight session, touching a new all-time high of Rs 95,935 per 10 grams, climbing Rs 274 on Thursday, driven by firm spot demand. On the Multi Commodity Exchange, the precious metal contracts for June delivery hit a record high of Rs 95,935 per 10 grams in the morning trade. Later, it pared the gains to trade Rs 89 or 0.09 per cent to Rs 95,750 per 10 grams with an open interest of 22,403 lots. On Wednesday, Gold touched an all-time high of Rs 94,781 per 10 grams in futures trade. Analysts said persistent un-certainty surrounding the US trade policy and waning demand for the dollar and Treasury securi-ties have reinforced gold’s appeal as a preferred safe-haven asset.

On the global front, gold fu-tures rose to hit a fresh peak of $3,371.89 per ounce in New York. Later, it pulled back from the record level to trade at $3,340.61 per ounce. “Gold prices surged...as geopolitical stress between the US and China intensified. US President Donald Trump’s move to investigate new tariffs on critical Chinese imports has shaken market sentiment. “Simultaneously, a weakening US dollar -- near a three-year low -- made gold more appealing to foreign investors,” Rahul Kalantri, VP of commodities at Mehta Equities Ltd, said. Adding to the bullish outlook for gold, global invest-ment firm Goldman Sachs raised its year-end gold forecast to $3,700 per ounce and sees poten-tial for $4,000 per ounce by mid-2026.

Silver prices on Thursday plunged Rs 1,177 to Rs 95,073 per kilogram as participants reduced their bets. On the Multi Commodity Exchange, silver contracts for May delivery depreciated Rs 1,177 or 1.22 per cent to Rs 95,073 per kg in a business turnover of 14,998 lots. Analysts said a sell-off by participants at existing levels in the market mainly weighed on silver prices. In the overseas markets, silver futures was trading 1.13 per cent lower at $32.39 per ounce in New York.