Gold hits all-time high amid rising global demand and bullish sentiment

Gold costs surged by Rs 600 on Thursday, reaching an all-time high of Rs 89,450 per 10 grams within the nationwide capital, pushed by robust global market developments. The yellow metallic, with 99.9% purity, had beforehand closed at Rs 88,850 per 10 grams on Wednesday.
Similarly, gold of 99.5% purity noticed a rise of Rs 600, reclaiming its earlier file high of Rs 89,050 per 10 grams, up from Rs 88,450 the day earlier than. Earlier this 12 months, on February 20, gold costs had additionally briefly hit these peak ranges, in response to information company PTI report.
Silver additionally noticed vital positive factors, climbing Rs 1,000 to succeed in almost a five-month high of Rs 1,01,200 per kilogram, up from Rs 1,00,200 within the earlier buying and selling session.
In the futures market, gold contracts for April supply additionally surged, rising by Rs 210 (0.24%) to succeed in a file high of Rs 86,896 per 10 grams in the course of the night session on the Multi Commodity Exchange.
“The increase in gold prices was driven by safe-haven demand, bolstered by cooler-than-expected US consumer inflation data, which reinforced expectations of further monetary easing by the Federal Reserve this year.” stated Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities.
On the worldwide entrance, spot gold climbed by USD 11.67 (0.40%), reaching USD 2,946.44 per ounce.
Traders at the moment are centered on upcoming US financial information, together with weekly jobless claims and the Producer Price Index (PPI), which may present additional insights into the inflation outlook and affect market developments.
Disclaimer: The opinions, analyses and suggestions expressed herein are these of brokerage and don’t replicate the views of The Times of India. Always seek the advice of with a certified funding advisor or monetary planner earlier than making any funding selections.