| Gold rallies Rs 1,950 to record high of Rs 1,27,950 per 10g in Delhi | | | NEW DELHI, Oct 13: Gold prices rallied by Rs 1,950 to hit a fresh peak of Rs 1,27,950 per 10 grams in the national capital on Monday, driven by safe-haven demand amid renewed US-China trade tensions. According to the All India Sarafa Association, the precious metal of 99.9 per cent purity had closed at Rs 1,26,000 per 10 grams on Friday. In addition, gold of 99.5 per cent purity jumped by Rs 1,950 to touch an all-time high of Rs 1,27,350 per 10 grams (inclusive of all taxes). The yellow metal had settled at Rs 1,25,400 per 10 grams in the previous market session.
"Gold prices rose sharply higher as renewed US-China trade tensions reignited safe-haven demand," Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said.
The US administration's announcement of a 100 per cent tariff hike on select Chinese products, coupled with China's threat to restrict rare earth exports, has heightened global uncertainty and risk aversion.
"This geopolitical tension, along with sustained demand from investors seeking safety, continues to keep gold's outlook bullish," Trivedi said.
In the international markets, spot gold rose nearly 2 per cent to hit a fresh record high of $4,084.99 per ounce. |
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