Gold hits record high of Rs 67,450

New Delhi: Gold prices surged by Rs1,130 to hit an all-time high of Rs67,450 per 10 grams in the local market here following strong global trends, according to HDFC Securities.

The precious metal had closed at Rs66,320 per 10 grams in the previous trade. Silver also zoomed by Rs1,100 to Rs77,750 per kg on increased demand. It had settled at Rs76,650 per kg in the previous close. “Spot gold prices (24 carats) in the Delhi markets are trading at Rs67,450 per 10 grams, up by Rs1,130 from the previous close,” Dilip Parmar, Research Analyst at HDFC Securities, said.

In the international markets, spot gold at Comex was trading at $2,202 per ounce, up by $48 from the previous day’s level. Comex spot gold prices were supported by heightened geopolitical risks and buying by central banks, Parmar added. Silver was also trading higher at $25.51 per ounce. In the previous close, it had ended at $24.84 per ounce.

Gold rallied to an all-time high, supported by a sell-off in the dollar after the US Federal Reserve officials maintained their view of three interest rate cuts this year, Pranav Mer, Vice President, EBG - Commodity & Currency Research at JM Financial Services, said. “However, we see some signs of caution as well as their projection show an upward revision in economic growth to 2 per cent, core-PCE inflation at 2.6 per cent and an unemployment rate of 4 per cent by year-end, which would make their rate cut task little difficult,” Pranav Mer said.

Comex Spot Gold has support at $2,195/ 2,180 and resistance at $2,225/ 2,248 per ounce. “The Fed’s decision to maintain its balance sheet reduction pace since May 2023, further reinforced confidence in the US economy’s resilience and the robustness of the labour market,” Jateen Trivedi, VP Research Analyst at LKP Securities, said.