Gold prices hit fresh high at Rs 86,875 on safe-haven demand

NEW DELHI: Gold prices continued upward momentum with April futures hitting an all-time high of Rs 86,875 per 10 grams on Thursday, at the multi commodity alternate (MCX).
The yellow steel marked an increase of 0.21 per cent or Rs 189, whereas silver May futures traded at Rs 99,389 per kilogram, down 0.09 per cent or Rs 87.
Gold gained after on account of traders’ seek for a secure haven amid US commerce tariffs and slowing international development. In March alone, gold prices surged by Rs 2,600 per 10 grams, whereas silver has climbed by Rs 5,061 per kilogram.
On Wednesday, each valuable metals ended on a constructive word in home and worldwide markets. The April gold contract settled at Rs 86,686 per 10 grams, up 0.62 per cent, whereas silver May futures closed at Rs 99,476 per kilogram, rising 1.37 per cent.
In the worldwide market, gold hit a lifetime high as the results of a persistent safe-haven demand, silver additionally hit a three-week high.
Market sentiment and US inflation knowledge
The newest US inflation knowledge met expectations regardless of being barely decrease than the earlier month. This hinted at a constructive sign for the market suggesting that the Federal Reserve could resort to being much less aggressive than anticipated.
This hinted that the Fed could undertake a much less aggressive coverage for rates of interest. Manoj Kumar Jain of Prithvifinmart Commodity Research advised ET, “We expect gold and silver prices to remain volatile this week amid volatility in the dollar index, the US trade was, and ahead of the U.S. PPI data.”
Moreover, Jain added that the 2 valuable metals would keep above their key help ranges of $2,840 and $31.40 per troy ounce, within the worldwide markets, by the top of the week.
On Thursday, the US Dollar Index (DXY) was lingering round 103.57, down 0.04 per cent.
Gold and silver outlook

Gold prices throughout Indian cities