Gold reclaims all-time high level of Rs 89,450/10g amid firm global cues

Gold reclaims all-time high level of Rs 89,450/10g amid firm global cues

Gold prices climbed by Rs 600 to revisit the all-time high of Rs 89,450 per 10 grams in the national capital on Thursday amid a firm global trend, according to local marketmen.

The precious metal of 99.9 per cent purity had settled at Rs 88,850 per 10 grams on Wednesday.

Gold of 99.5 per cent purity advanced by Rs 600 to reclaim its all-time high level of Rs 89,050 per 10 grams. It had settled at Rs 88,450 per 10 grams.

On February 20, the yellow metal of 99.9 and 99.5 per cent purity inched up by Rs 50 to hit an all-time high of Rs 89,450 and Rs 89,050 per 10 grams.

Silver prices also rallied by Rs 1,000 to hit nearly a five-month high of Rs 1,01,200 per kg. The white metal had finished at Rs 1,00,200 per kg in the previous market close.

Meanwhile, in futures trade on the Multi Commodity Exchange, gold contracts for April delivery rallied by Rs 210 or 0.24 per cent to hit a record high of Rs 86,896 per 10 grams in the evening session.

"Gold prices surged to a new record high in the domestic market, while in the international market, spot gold rallied to near-record highs buoyed by safe-haven demand and cooler-than-expected US consumer inflation data, which supported the case for further Federal Reserve monetary easing this year," Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said.

On the global front, spot gold rose by USD 11.67 or 0.40 per cent to USD 2,946.44 per ounce.

Traders are now looking forward to US macroeconomic data, including weekly jobless claims and PPI/Core PPI (Producer Price Index), for more cues on the overall inflation basket, Gandhi added.