Gold breaches Rs 83,000 mark for first time

It had closed astatine Rs 82,900 per 10 grams connected Thursday.

“Gold extended gains connected Friday, with spot golden successful the home marketplace hitting caller all-time highs,” Saumil Gandhi, Senior Analyst of Commodities astatine HDFC Securities, said.

The existent bullish momentum successful golden is driven by uncertainty surrounding the imaginable US tariffs program and different policies from President Donald Trump, which has led to a caller surge successful safe-haven buying, Gandhi added.

The yellowish metallic of 99.5 per cent purity besides appreciated by Rs 200 to deed a grounds precocious of Rs 82,700 per 10 grams from the erstwhile adjacent of Rs 82,500 per 10 grams.

Additionally, metallic climbed Rs 500 to Rs 94,000 per kg connected Friday. The achromatic metallic finished astatine Rs 93,500 per kg successful the past trading session.

On the MCX, golden contracts for February transportation climbed Rs 334 oregon 0.42 per cent to Rs 79,960 per 10 grams, successful the futures trade. The yellowish metallic had jumped Rs 424 oregon 0.53 per cent to commercialized adjacent a grounds precocious of Rs 80,050 per 10 grams successful the intraday.

“Prices successful MCX are adjacent grounds precocious arsenic Trump commercialized policies and tariff plans created an uncertain situation successful the market, which whitethorn boost safe-haven demand,” Deveya Gaglani, Research Analyst-Commodities, Axis Securities, said.

The precious metallic connected the futures scale had deed a grounds precocious of Rs 80,282 per 10 grams connected October 30, 2024.
Silver futures for March transportation surged Rs 835 oregon 0.92 per cent to Rs 91,984 per kg connected the Multi Commodity Exchange (MCX).

In the planetary markets, Comex golden futures appreciated by USD 15.50 per ounce oregon 0.56 per cent to USD 2,780.50 per ounce.

Investors are expected to support an oculus connected flash PMIs for aboriginal indications of economical enactment successful large planetary economies, arsenic good arsenic US lodging information for further insights into the authorities of the economy, Kaynat Chainwala, AVP-Commodity Research, Kotak Securities, said.

Comex metallic futures besides accrued 1.53 per cent to USD 31.32 per ounce successful the Asian marketplace hours.

According to Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities, investors volition besides look up for the upcoming Union Budget and the US Federal Reserve’s involvement complaint decision, which are the cardinal events connected the radar for the aboriginal people of enactment for the bullion prices.