Gold, silver trade at record high levels for second day in Delhi

NEW DELHI, Apr 9 : Extending the record breaking run to the second day in a row, gold and silver hit lifetime high levels in the local market here on Tuesday following strong global trends, according HDFC Securities.

Gold prices rose by Rs 140 to scale a new peak of Rs 71,840 per 10 grams in the national capital. Gold had settled at a record Rs 71,700 per 10 grams on Monday.

Silver prices jumped by Rs 500 to a record high of Rs 84,500 per kg. Silver breached the 84,000 level for the first time on Monday.

“Spot gold prices (24 carats) in Delhi markets are trading at a new record high of Rs 71,840 per 10 grams, up Rs 140, amid bullish cues in the overseas markets,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.

In international markets, spot gold at Comex was trading at USD 2,350 per ounce, up USD 14 from the previous close.

Traders continue to propel the momentum which aided the gold prices to new highs on a daily basis. Further, the dollar index traded lower and US Treasury yields retreated which provided additional support for the safe haven asset, Gandhi said.

Additionally, silver prices also traded higher at USD 28.04 per ounce. In the previous close, it had finished at USD 27.80 per ounce.

“The upcoming US Consumer Price Index (CPI) data is anticipated to impact gold prices significantly. With prices already at elevated levels, the data could trigger profit booking, potentially leading to a decline towards the Rs 70,000 zones.

“Therefore, maintaining long positions with agile stop-loss strategies aligned with risk management is advisable,” Jateen Trivedi, VP Research Analyst at LKP Securities, said.

In futures trade, gold spurted to all-time high of Rs 71,739 per 10 grams on MCX in day trade.

The most-traded June contract of the metal was trading at Rs 71,481 at 1700 hrs, up by Rs 569 or 0.8 per cent.

The August delivery contract of gold breached the Rs 72,000 per gram level intra-day. The August contract traded Rs 574 or 0.81 per cent higher at Rs 71,813 per grams at 1700 hrs. (PTI)