Gold reclaims all-time high of Rs 89,450, silver hits 5-month peak of 1,01,200

Amid a firm global trend, gold prices rose by Rs 600 to reclaim the all-time high of Rs 89,450 per 10 grams while silver hit the five-month peak of 1,01,200 per kg in the national capital on Thursday.

According to the All India Sarafa Association bulletin, gold of 99.5 per cent purity advanced by Rs 600 to revisit its all-time high level of Rs 89,050 per 10 grams.

The precious metal of 99.9 per cent purity had settled at Rs 88,850 per 10 grams on Wednesday.

It was on February 20 that the yellow metal of 99.9 and 99.5 per cent purity had got costlier by Rs 50 to hit an all-time high of Rs 89,450 and Rs 89,050 per 10 grams, respectively.

On Thursday, silver prices also shot up by Rs 1,000 to hit nearly a five-month high of Rs 1,01,200 per kg. The white metal had finished at Rs 1,00,200 per kg in the previous market close.

Meanwhile, in futures trade on the Multi Commodity Exchange, gold contracts for April delivery rallied by Rs 210 or 0.24 per cent to hit a record high of Rs 86,896 per 10 grams in the evening session.

Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said, “Gold prices surged to a new record high in the domestic market, while in the international market, spot gold rallied to near-record highs buoyed by safe-haven demand and cooler-than-expected US consumer inflation data, which supported the case for further Federal Reserve monetary easing this year.”