Gold rises ₹350 to reclaim ₹89,000-mark, nears record high
The Hindu
Gold prices rise to near record high of ₹89,100 per 10 grams, driven by geopolitical tensions and weak dollar.
Gold prices rose ₹350 to trade near a record high at ₹89,100 per 10 grams in the national capital on Monday amid firm global trends, according to the All India Sarafa Association.
The precious metal of 99.9% purity had closed at ₹88,750 per 10 grams on Friday.
Gold of 99.5% purity increased ₹350 to ₹88,700 per 10 grams from the previous close of ₹88,350 per 10 grams.
"Gold traded with a modest gain on Monday as geopolitical and trade tensions continued to provide a safe haven demand to hedge against uncertainty," Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
Last week, gold of 99.9% and 99.5% purity hit fresh peaks of ₹89,450 and ₹89,050 per 10 grams, respectively.
However, silver traded flat at ₹1 lakh per kg.
Further, Gandhi highlighted that the US dollar has provided an additional boost for the precious metal. The dollar index fell for the third week in a row and is trading lower amid mixed U.S. macro data.
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