Gold rises Rs 250; silver declines Rs 300

New Delhi: Gold prices climbed Rs 250 to scale yet another peak of Rs 1,13,000 per 10 grams in the national capital, buoyed by robust buying by central banks globally, a weak dollar, and lingering geopolitical uncertainties.

So far this year, the precious metal prices have added Rs 34,050 or 43.12 per cent, surging from Rs 78,950 per 10 grams on December 31, 2024. According to the All India Sarafa Association, the precious metal had closed at Rs 1,12,750 per 10 grams, rallying by Rs 5,080 on Tuesday.

Gold of 99.5 per cent purity also appreciated by Rs 250 to hit a lifetime high of Rs 1,12,500 per 10 grams. Meanwhile, silver prices retreated from record levels, declining by Rs 300 to Rs 1,28,500 per kg. In the previous session, the white metal had settled at Rs 1,28,800 per kg, as per the Association. In overseas markets, spot gold was trading 0.85 per cent higher at $3,657.09 per ounce.

The yellow metal had surged to hit a fresh peak of $3,674.75 per ounce on Tuesday. Spot silver rose 0.88 per cent to $41.23 per ounce.

“Gold continues to trade near record highs, supported by a weakening US dollar index, which has slipped to a seven-week low, and growing expectations of aggressive rate cuts in the coming months,” said Chintan Mehta, CEO at Abans Financial Services.