New Delhi: Gold prices rose Rs 350 to trade near a record high at Rs 89,100 per 10 grams in the national capital on Monday amid firm global trends, according to the All India Sarafa Association.
The precious metal of 99.9 per cent purity had closed at Rs 88,750 per 10 grams on Friday.
Gold of 99.5 per cent purity increased Rs 350 to Rs 88,700 per 10 grams from the previous close of Rs 88,350 per 10 grams.
However, silver traded flat at Rs 1 lakh per kg.
Meanwhile, in futures trade on the MCX, gold contracts for April delivery appreciated Rs 118 to Rs 86,128 per 10 grams.
Comex gold futures for April delivery quoted higher at $2,954.71 per ounce in the overseas markets. Globally, spot gold also rose $5.50 to $2,941.55 per ounce.
“Gold prices continue to hover near all-time highs as the dollar weakens amid escalating geopolitical and economic uncertainty,” Abans Holdings’ Chief Executive Officer Chintan Mehta said.
On the other hand, silver futures in the Asian market hours quoted 0.43 per cent lower at $33.20 per ounce.
According to Kotak Securities, traders are closely monitoring the upcoming Personal Consumption Expenditures (PCE) data release to further understand the US Federal Reserve’s policy trajectory, as it directly impacts bullion’s investment appeal.