Gold, Silver soar to new highs

New Delhi: Gold prices in the national capital hit an all-time high on Monday and jumped Rs350 to Rs71,700 per 10 grams following a pick-up in safe-haven demand for the precious metal, according to HDFC Securities. The yellow metal prices have seen remarkable gains so far in 2024, becoming costlier by over Rs7,700 per 10 grams. In the previous session, gold had ended at Rs 71,350 per 10 grams. Silver prices also soared Rs800 to scale a fresh peak of Rs84,000 per kg. In the previous trade, it had settled at Rs83,200 per kg.

"Spot gold prices (24 carats) in the Delhi markets are trading at a record high of Rs71,700 per 10 grams, up Rs350, taking bullish cues in the overseas markets," Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.

In the international markets, spot gold at COMEX was trading at $2,336 per ounce, up $7 from the previous close. Traders didn't pay attention to the upbeat US jobs report and instead focused on the bullion's upward trend that has been going on for a few weeks. This caused the price of gold to reach another record high on Monday, Gandhi added.