Gold At Fresh All-Time High Of Rs 77,850; Silver Soars Rs 3,000

New Delhi: Gold prices surged Rs900 to hit a fresh record high of Rs77,850 per 10 grams in the national capital on Wednesday amid a rally in precious metal rates in the global markets, according to All India Sarafa Association. The precious metal of 99.9 per cent purity had closed at Rs76,950 per 10 grams on Tuesday. Silver soared Rs3,000 to Rs93,000 per kg on fresh offtake by industrial units and coin makers. It had ended at Rs90,000 per kg in the previous close.

Additionally, gold of 99.5 per cent purity also climbed Rs900 to hit all-time high level of Rs77,500 per 10 grams. The metal had finished at Rs76,600 per 10 grams in the previous session. In the Asian trading hours, silver also quoted higher at $32.15 per ounce. Gold prices in the international markets is likely to surpass $3,200 per ounce in the near future, Surendra Mehta, National Secretary at India Bullion and Jewellers Association (IBJA), said.

“Gold’s bull run continues as prices hit yet another all-time high at Rs76,000 per 10 gm on futures. “Prices remain supported by a weaker dollar, expectation of more rate cuts from global central banks, safe haven demand, and inflow of ETF funds,” Pranav Mer, VP - Research (Commodity & Currency) at BlinkX and JM Financial, said.