Gold breaches Rs 79,000 mark

New Delhi: Gold prices advanced Rs 450 to hit another record of Rs 79,350 per 10 grams in the national capital on Thursday on the back of continued buying by jewellers and stockists, according to the All India Sarafa Association.

The precious metal of 99.9 per cent purity had closed at Rs 78,900 per 10 grams in the previous session on Wednesday.

Rallying for the second straight day, gold of 99.5 per cent climbed Rs 450 to hit another fresh high of Rs 78,950 per 10 grams. It had finished at Rs 78,500 per 10 grams.

However, silver remained flat at Rs 93,500 per kg.

Traders said increased buying by local jewellers to meet festive demand and a rally in the precious metal rates in the global markets mainly lifted gold prices to record high levels.

In futures trade on the Multi Commodity Exchange (MCX), gold contracts for December delivery reached a lifetime high of Rs 77,019 per 10 grams.

However, silver contracts for December delivery depreciated Rs 181 or 0.2 per cent to Rs 92,002 per kg on the bourse.

In the Asian market hours, Comex gold futures rose 0.43 per cent to $2,703 per ounce.

Meanwhile, silver futures slipped 0.15 per cent to $31.93 per ounce in the international markets.

“Comex gold prices surged past $2,700 per ounce, bolstered by falling US Treasury yields and strong safe-haven demand amid escalating geopolitical tensions.

“Traders will watch key macroeconomic data, including US Retail sales and jobless figures for more insights into the pace of Federal Reserve easing this year,” Kaynat Chainwala, AVP-Commodity Research at Kotak Securities, said.