Gold, silver prices soar to fresh records

New Delhi: Gold and silver prices dazzled in the national capital, with both precious metals vaulting to uncharted highs, driven by strong investor demand and a global rally amid rising geopolitical and trade tensions. According to marketmen, gold of 99.9 per cent purity increased Rs 7,300, or 4.6 per cent, to touch an all-time high of Rs 1,66,000 per 10 grams.

The yellow metal had closed at Rs 1,58,700 per 10 grams on Friday. Bullion markets remained closed on Monday on account of the 77th Republic Day. Silver prices continued its remarkable performance, outperforming gold for yet another session in the bullion markets.

The white metal skyrocketed by Rs 40,500, or 12.3 per cent, to hit a new peak of Rs 3,70,000 per kilogram. The metal had settled at Rs 3,29,500 per kilogram in the previous market session. According to FOREX.com, silver prices extended their rally, with spot prices soaring $8.55, or 8.24 per cent, to $112.41 per ounce in the international market.

The white metal had surged by $14.42, or 14 per cent, to touch a new peak of $117.73 per ounce in the previous session. “Silver in the domestic market has scaled another record high of Rs 3,70,000 per kg, supported by strong safe-haven demand amid rising trade and geopolitical tensions,” Saumil Gandhi, Senior Analyst, Commodities at HDFC Securities, said.