Gold prices extended their record rally on April 8, supported by speculative buying and continued geopolitical tensions in the Middle East, which overshadowed strong US job growth in March.
Silver prices globally were at a 3-year high while trading at nearly $28 per oz. Silver prices in India are at an all-time high at near Rs 82,000 per kg. Silver prices were up 11 percent week on week, and 14 percent month on month.
Spot gold was up 0.6 percent at $2,343.89 per ounce, after hitting a record high of $2,353.79 earlier in the session. US gold futures gained 0.7 percent to $2,361.09.
"If you look at futures pricing, we're seeing indications now that there's a bit of momentum chasing in the market...to an extent we're seeing a little bit of excessive optimism about the outlook for gold at the current level," said Kyle Rodda, a financial market analyst at Capital.com told Reuters.
Also Read | What's behind the surge in gold prices?
Demand for the yellow metal in India remained tepid last week as a blistering rally in domestic prices put off buyers, while premiums held firm in top consumer China.
Spot silver was up 1.4 percent to $27.85 per ounce, platinum edged 0.1% higher at $928.11 and palladium gained 0.4% at $1,006.88.
Fed Chair Jerome Powell reiterated last week that the central bank was in no rush to reduce borrowing costs after leaving its policy rate unchanged in the current 5.25 percent-5.50 percent range last month.
"At some point later this year with inflationary concerns remaining somewhat sticky, that remains an underlying positive environment for the gold market," said David Meger, director of metals trading at High Ridge Futures, as per Reuters.
With inputs from Reuters
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