Gold zooms past record Rs 89k-mark, silver rallies Rs 2,000 to 4-month high

New Delhi: Gold prices soared by Rs 1,300 to hit an all-time high of Rs 89,400 per 10 grams amid heavy buying from jewellers and retailers, according to the All India Sarafa Association.

The precious metal of 99.9 per cent purity had closed at Rs 88,100 per 10 grams on Thursday. Silver also rallied by Rs 2,000 to hit a four-month high of Rs 1 lakh per kg on Friday. The metal had finished at Rs 98,000 per kg on Thursday.

In futures trade on the MCX, gold contracts for April delivery rose Rs 184 to Rs 85,993 per 10 grams.

Silver futures zoomed by Rs 2,517 or 2.64 per cent to Rs 97,750 per kg on the Multi Commodity Exchange (MCX).

Globally, Comex gold futures for April delivery rose $6.49 per ounce to $2,951.89 per ounce. Meanwhile, spot gold traded higher at $2,929.79 per ounce.

According to Kotak Securities, Comex gold futures extended their rally for a third consecutive day, approaching a record high of $2,960 per ounce as upward trend positions gold for a seventh straight week of gains, the longest such streak since August 2020. Comex silver futures in the Asian market hours quoted nearly 4 per cent higher at $34 per ounce.