Gold jumps to record Rs 1.38L/10 gms, silver soars to Rs 2,14,500/kg

New Delhi: Gold prices rose to a fresh lifetime high of Rs 1,38,200 per 10 grams, gaining Rs 1,685, in the national capital on Monday following the precious metal scaling record highs in the global markets, according to the All India Sarafa Association.

Silver prices also raced to hit an all-time high of Rs 2,14,500 per kilogramme in the capital, up by Rs 10,400 per kg.

“Bullish momentum extended in bullion, with gold and silver surging to another fresh record high on Monday,” Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.

In the international markets, spot gold increased by $80.85, or 1.86 per cent, to hit a record of $4,420.35 per ounce.

“Investor interest in silver and gold has grown considerably as interest rates are going down in the US, fiscal concerns are growing, and the American economy is becoming more uncertain,” Gandhi said.

Spot silver appreciated by $2.31, or 3.44 per cent, to hit a lifetime high of $69.45 per ounce in the overseas markets.

“Silver prices have reached a record high, reflecting strong industrial demand along with rising investment demand,” Satish Dondapati, Fund Manager at Kotak Mutual

Fund, said.