Gold prices storm past Rs1.07L/10g

New Delhi: Gold prices rallied Rs 1,000 to touch a fresh record high of Rs 1,07,070 per 10 grams in the local markets amid hopes of Fed easing rates, mounting geopolitical tensions and growing worries around the US economy.

According to the All India Sarafa Association, the precious metal of 99.9 per cent purity had closed at Rs 1,06,070 per 10 grams. In the Delhi market, gold of 99.5 per cent purity extended the gains for the eighth consecutive session, appreciating Rs 1,000, to hit a fresh record high of Rs 1,06,200 per 10 grams. It had settled at Rs 1,05,200 per 10 grams in the previous market session.

Meanwhile, silver prices traded flat at Rs 1,26,100 per kilogram, its all-time high level, as per the association. In the international markets, spot gold climbed to hit an all-time high of $3,547.09 per ounce. However, spot silver traded 0.11 per cent lower to trade at $40.84 per ounce in New York.

“Gold continues to rise higher as safe-haven demand stayed strong amid hopes of Fed easing rates, mounting geopolitical tensions and growing worries around the US economy,” Chintan Mehta, CEO, Abans Financial Services, said.

“Later this week, OPEC+ will hold a meeting, while Russia supplies concerns persist as a recent Ukrainian attack hurt 17 per cent of Russian oil processing capacity, due to which oil prices have bounced back from recent lows,” Mehta said, adding that “this could weigh in inflation number, weakening dollar and supporting gold”.