Gold surges Rs 5,080 to hit fresh peak of Rs 1.12 lakh per 10 grams

New Delhi: Gold prices skyrocketed by Rs 5,080 to hit an all-time high of Rs 1,12,750 per 10 grams in the national capital on Tuesday in line with strong global trends.

The precious metal prices have added Rs 33,800 per 10 grams or nearly 43 per cent in the current calendar year, climbing from Rs 78,950 per 10 grams on December 31, 2024.

Silver prices also surged by Rs 2,800 to hit a record high of Rs 1,28,800 per kilogram (inclusive of all taxes) on Tuesday. The precious metal had settled at Rs 1,26,000 per kg in the previous market session.

In global markets, gold reached an all-time high of $3,659.27 per ounce on Tuesday. The precious metal later traded at $3,652.72 per ounce, up by $16.81, or 0.46 per cent.

Traders said weak labour market data in the US last week has raised the likelihood of monetary policy easing, which pushed investors towards safe-haven assets such as gold. The dollar’s retreat further supported the upward momentum in bullion prices.

“Gold prices reached another record high on Tuesday, marking multiple all-time highs this year and surging more than 35 per cent in the international markets.

“Strong demand from central banks, inflows into exchange-traded funds, and speculation about rate cuts fuel this record-breaking rally in precious metals,” Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.