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Business News/ Markets / Commodities/  Gold surges to 65,000 per 10 gm, touches new all-time high in New Delhi
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Gold surges to ₹65,000 per 10 gm, touches new all-time high in New Delhi

Spot gold prices (24 carats) in the Delhi markets are trading at ₹65,000 per 10 grams, up by ₹800, taking bullish cues from the overseas markets.

Traders attributed the rise in gold prices to higher demand from local jewellers amid positive global markets. Photo: MintPremium
Traders attributed the rise in gold prices to higher demand from local jewellers amid positive global markets. Photo: Mint

Gold prices experienced a significant surge on Tuesday, rising by 800 to reach a new all-time high of 65,000 per 10 grams in the national capital, driven by robust global trends, according to HDFC Securities. In the previous session, the precious metal had concluded at 64,200 per 10 grams.

Spot gold prices (24 carats) in the Delhi markets are trading at 65,000 per 10 grams, up by 800, taking bullish cues from the overseas markets.

Also read: Gold rate today, 5th March 2024: Gold price retraces from life-time high. Should you buy in this correction?

"In domestic markets, spot gold hit a new all-time high of 65,000 on Tuesday," Saumil Gandhi, senior analyst of commodities at HDFC Securities, said.

Similarly, silver witnessed a strong rally, climbing by 900 to 74,900 per kilogram. In the preceding trading session, it had settled at 74,000 per kilogram.

In global markets, the spot gold at Comex saw a trading value of $2,110 per ounce, marking an increase of over 1 percent compared to the previous closing.

This surge in gold prices was fueled by increasing speculation surrounding a potential interest rate cut by the US Federal Reserve in June. Consequently, on the Multi Commodity Exchange (MCX), gold witnessed a notable rise of over 2,400 in the span of the last three days.

"The rise was also fuelled by signs of slowing industrial and construction spending in the US, coupled with a decrease in inflationary pressures," Jateen Trivedi, VP Research Analyst at LKP Securities, said.

Furthermore, Trivedi mentioned that increased geopolitical tensions have suppressed the inclination towards short-selling, consequently enhancing the appeal of gold as a buy-on-dip asset.

Also read: Gold and silver prices Today on 05-03-2024 : Check latest rates in your city

Silver was also trading higher at $23.88 per ounce, compared to its previous close at $23.09 per ounce.

"Gold and silver prices were recovered and are trading positive, despite a steady dollar in the overseas market while steady moves in global equities and uncertainty over the US Fed's policies on cutting interest rates have pushed investors towards the safer asset," Pranav Mer, VP of Research (Commodity & Currency) at BlinkX and JM Financial, said.

(With inputs from PTI)

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Published: 05 Mar 2024, 08:43 PM IST
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