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Gold prices remained flat at Rs 76,950 per 10 grams in the national capital on Tuesday amid a firm trend in the overseas markets. On Monday, the precious metal had revisited the all-time high level of Rs 76,950 after a gap of six months, according to market sources.
The metal previously hit the record level of Rs 76,950 on March 22 this year, they said.
Silver also firmed up at Rs 90,000 per kilogram on fresh demand from industrial users.
Additionally, gold of 99.5 per cent purity also ruled flat at Rs 76,600 per 10 grams.
Meanwhile, the spot gold prices (24 carats) in the Delhi markets were trading at an all-time high of Rs 76,150 per 10 grams.
On the other hand, gold contracts for October delivery jumped Rs 248 or 0.33 per cent to Rs 74,543 per 10 grams in the futures trade on the Multi Commodity Exchange (MCX). Silver contracts for December delivery also climbed Rs 469 or 0.53 per cent to Rs 89,700 per kg on the bourse. Globally, gold was trading higher at USD 2,658.30 per ounce, up by 0.22 per cent.
“Gold rose to a new record high on Tuesday as many US Federal Reserve members appeared to leave the door open for more significant interest rate cuts,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
In the Asian trading hours, silver was quoted higher at USD 31.21 per ounce.
Maneesh Sharma, AVP, Commodities & Currencies, Anand Rathi Shares and Stock Brokers, said, “With prices touching record highs marks the fourth consecutive day of gains for the precious metal, driven by concerns over US economic uncertainty and expectations of aggressive monetary policy easing by the US Fed”.
Gold hit a fresh high in the spot market amid positive sentiments in China, which announced a raft of rate cuts and stimulus measures to achieve its 5 per cent growth target set for 2024.
Also, heightened tensions in the Middle East continued to support bullion prices, Sharma added.
Markets could look ahead to key speeches from Fed officials, including Fed Chair Jerome Powell’s speech along with US GDP and Core Price Consumption Expenditures (PCE) Index data to provide fresh direction to prices during the week, he added.