Gold surges to ₹65,000 per 10 gm, touches new all-time high in New Delhi

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₹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.