Gold Prices Hit All-Time High On Monday, Check How Much The Precious Metal Costs

The price of the yellow metal appreciated by Rs 250 to hit a fresh record high of Rs 78,700 per 10 grams, the All India Sarafa Association revealed

This surge in prices was explained by the traders as a result of an uptick in the domestic demand by stockists and retailers.

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Gold prices soared on Monday to reach fresh peaks as consistent buying support from jewellers and robust trends in the global markets backed the precious metal. The price of the yellow metal appreciated by Rs 250 to hit a fresh record high of Rs 78,700 per 10 grams, the All India Sarafa Association revealed.

In the previous session on Monday, the metal known to be a favourite amongst Indians, settled at a price of Rs 78,450 per 10 grams, reported PTI. Meanwhile, silver took a fall of Rs 200 to Rs 94,000 per kg in comparison to Rs 94,200 per kg reported earlier on Friday.

The price of 99.5 per cent purity gold climbed by Rs 200 to touch a new peak of Rs 78,300 per 10 grams. In the previous session, the metal settled at Rs 78,100 per 10 grams. This surge in prices was explained by the traders as a result of an uptick in the domestic demand by stockists and retailers.

Further, the experts noted that a decline in equity markets has also helped the previous metal rally as investors shift their preference towards safe-haven assets such as gold.

Kaynat Chainwala, AVP - Commodity Research, Kotak Securities, explained, “COMEX gold remains steady, as tempered expectations for aggressive interest rate cuts by the US Federal Reserve counter safe-haven demand amid ongoing tensions in the Middle East. Gold prices may continue to trade in a narrow range as caution prevails ahead of upcoming US inflation numbers.”

Sharing an outlook on key events to clock during the week, Pranav Mer, VP, EBG - Commodity & Currency Research, JM Financial Services, stated that the US Consumer Price Index (CPI) and consumer sentiments data will leave an impact on the market. Developments in the Middle East will also be crucial to keep an eye on to understand how gold fares, he added.