Gold surges Rs 5,080 to hit record high of Rs 1.12 lakh/10 g

Gold prices skyrocketed by Rs 5,080 to hit an all-time high of Rs 1,12,750 per 10 grams in the national capital on Tuesday in line with strong global trends.

According to the All India Sarafa Association, gold of 99.9 per cent purity had closed at Rs 1,07,670 per 10 grams on Monday.

Silver prices also surged by Rs 2,800 to hit a record high of Rs 1,28,800 per kilogram (inclusive of all taxes) on Tuesday. The precious metal had settled at Rs 1,26,000 per kg in the previous market session.

In global markets, gold hit an all-time of $3,659.27 per ounce on Tuesday. The precious metal later traded at $3,652.72 per ounce, up by $16.81, or 0.46 per cent.

Traders said weak labour market data in the US last week has raised the likelihood of a monetary policy easing, which pushed investors towards safe-haven assets such as gold. The dollar’s retreat further supported the upward momentum in bullion prices.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 97.29, went lower by 0.17 per cent.