New Delhi: Gold prices surged by Rs 1,800 to zoom past the crucial Rs 1 lakh-mark for 10 grams in the national capital on Tuesday amid buying rush by local jewellers and stockists in anticipation of increased demand during Akshaya Tritiya and wedding season even as global macroeconomic uncertainties continued to fuel safe-haven chase.
According to the All India Sarafa Association, the precious metal of 99.9 per cent purity climbed Rs 1,800 to hit the lifetime peak of Rs 1,01,600 per 10 grams from Monday’s closing level of Rs 99,800 per 10 grams.
Gold of 99.5 per cent purity also jumped by Rs 2,800 to hit a record high of Rs 1,02,100 per 10 grams in the local markets on Tuesday. It had settled at Rs 99,300 per 10 grams in the preceding session.
Akshaya Tritiya, which is considered the most auspicious day to buy gold, falls on April 30. The ongoing wedding season will continue till May end. The yellow metal has spurted by Rs 22,650 per 10 grams, or nearly 29 per cent, since December 2024.
Meanwhile, silver prices remained flat at Rs 98,500 per kg on Tuesday.
In the futures trade on the Multi Commodity Exchange (MCX), the most-traded June contract of the precious metal surged by Rs 2,079 or 2.14 per cent to reach a record high of Rs 99,358 per 10 grams.
Later, it pulled back from the record level to trade at Rs 98,450 per 10 grams, up by Rs 1,171 or 1.2 per cent with a interest of 21,899 lots.
The August contract of the metal rallied Rs 2,048 or 2.1 per cent to hit a fresh peak of Rs 1,00,000 per 10 grams on the MCX.
In addition, the October contract for gold appreciated by Rs 2,016 or 2.05 per cent to touch a record high of Rs 1,00,500 per 10 grams on the commodities bourse.
In the overseas markets, spot gold rose by $75.55 or 2.2 per cent to hit a record high of $3,499.92 per ounce. Later, the yellow metal pared gains to trade at $3,466.93 per ounce, up by $42.56 or 1.24 per cent.
Also, Comex gold futures rose by $83.76 or 2.44 per cent to breach the psychological mark of $3,500 for the first time ever.
Investors are now closely watching upcoming remarks from several Federal Reserve officials for further clarity on monetary policy direction, Chainwala said.
Spot silver in the Asian market hours traded flat at $32.70 per ounce.