Gold prices hit new record high, continue to gain for third week straight; silver surges by 1.4%

As of 10:57 a.m. EDT (1456 GMT), spot gold climbed by 1.3% to $2,320.04 per ounce, reaching a peak of $2,324.79 earlier in the trading session.

Vaamanaa Sethi
First Published5 Apr 2024, 11:00 PM IST
Gold prices today
Gold prices today

Gold prices surged to achieve a fresh all-time high on Friday, propelled by various factors such as expectations of a U.S. interest rate cut, speculative purchasing, and central bank acquisitions, sustaining the ongoing upward momentum of bullion despite robust job growth in the United States during March.

As of 10:57 a.m. EDT (1456 GMT), spot gold climbed by 1.3% to $2,320.04 per ounce, reaching a peak of $2,324.79 earlier in the trading session. This marks a 3.8% increase for the week, positioning it for a third consecutive weekly advance. Meanwhile, U.S. gold futures saw a 1.4% uptick, settling at $2,339.70, according to Reuters.

Also read: World markets today: US stocks surge on robust jobs data; Krispy Kreme, Shockwave Medical among top gainers on NYSE

“Gold and silver closed on a mixed note, after both precious metals hit fresh lifetime highs in the domestic market. Silver fell after reaching its highest level since June 2021, as investors awaited the important US employment data for fresh indications regarding the Fed's monetary easing. Gold and silver are also getting support due to escalating tensions in the middle-east. The dollar index also slipped below 104 marks amid Fed rate cut hopes which supported prices of precious metals," said Rahul Kalantri, VP Commodities, Mehta Equities Ltd.

The Labor Department reported a rise of 303,000 jobs in nonfarm payrolls last month, exceeding economists' expectations. In a survey conducted by Reuters, economists had anticipated 200,000 jobs, with estimates spanning from 150,000 to 250,000.

Also read: Explained | Why are crude oil prices elevated after OPEC+ policy decision and how will it impact India?

Fed Chair Jerome Powell reaffirmed on Wednesday that the central bank wasn't hastily considering a reduction in borrowing costs. This statement followed the recent decision to maintain the policy rate within the range of 5.25% to 5.50%.

Silver prices increased by 1.4% reaching $27.30 per ounce, while platinum remained stable at $925.15. Both metals were poised for a weekly uptick.

Meanwhile, palladium experienced a 1.7% decrease, dropping to $1,003.50 per ounce and was set for a weekly downturn.

Catch all the Commodity News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.MoreLess
First Published:5 Apr 2024, 11:00 PM IST
HomeMarketsCommoditiesGold prices hit new record high, continue to gain for third week straight; silver surges by 1.4%

Most Active Stocks

Indian Oil Corporation

166.90
03:58 PM | 12 JUL 2024
-7.6 (-4.36%)

Tata Steel

168.70
03:58 PM | 12 JUL 2024
-0.3 (-0.18%)

Bharat Electronics

333.30
03:59 PM | 12 JUL 2024
-2.25 (-0.67%)

Wipro

560.05
03:56 PM | 12 JUL 2024
25.7 (4.81%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

KPIT Technologies

1,864.00
03:57 PM | 12 JUL 2024
154.25 (9.02%)

Inox Wind

171.90
03:59 PM | 12 JUL 2024
13.85 (8.76%)

Zensar Technologies

768.20
03:29 PM | 12 JUL 2024
50.45 (7.03%)

Coforge

5,950.05
03:29 PM | 12 JUL 2024
386.65 (6.95%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    74,481.00218.00
    Chennai
    73,972.00-727.00
    Delhi
    74,771.00-218.00
    Kolkata
    73,972.00-218.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    102.86/L0.00
    Chennai
    100.76/L0.01
    Kolkata
    104.95/L0.00
    New Delhi
    94.72/L0.00
    OPEN IN APP
    HomeMarketsPremiumInstant LoanMint Shorts