Gold prices increased by Rs 400 to reach a new record high of Rs 85,300 per 10 grams in the national capital on Monday, driven by sustained demand from jewellers and stockists, according to the All-India Sarafa Association. Traders noted that the depreciation of the rupee and strong trends in international markets contributed to the rise in gold prices.
The precious metal, with a purity of 99.9 percent, was valued at Rs 84,900 per 10 grams as of Saturday.
Gold with 99.5% purity increased for the fourth session, rising by Rs 400 to a record high of Rs 84,900 per 10 grams.
The yellow metal closed at Rs 84,500 per 10 grams in the previous trading session.
Silver rose by Rs 300 to Rs 96,000 per kg on Monday, after closing at Rs 95,700 per kg in the previous session.
On Monday, the rupee depreciated by 55 paise to settle at a record low of 87.17 (provisional) against the US dollar. This decline was influenced by global market sentiments following the imposition of tariffs on Canada, Mexico, and China by the Trump administration.
In futures trading on the MCX, gold contracts for April delivery rose by Rs 461, or 0.56 percent, to Rs 82,765 per 10 grams.
“Gold prices increased on MCX as participants raised their gold allocations due to concerns of a potential Trade War 2.0 from the US, leading to higher safe-haven demand,” said Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities.
On Saturday, the price of gold for April delivery increased by Rs 1,127, reaching a record high of Rs 83,360 per 10 grams, coinciding with the presentation of the Union Budget 2025-26 by Union Finance Minister Nirmala Sitharaman.
Silver futures for March delivery increased by Rs 436, or 0.47 percent, to Rs 93,650 per kilogram.
Internationally, Comex gold futures decreased by USD 7.50 per ounce, equating to a 0.26 percent decline, resulting in a new price of USD 2,827.50 per ounce.
“Gold began trading on a weaker note, influenced by the strong US dollar and long liquidation. The US dollar reached a three-week high following US President Donald Trump’s announcement of tariffs over the weekend,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, stated.
On Friday, gold futures for April reached a record high of USD 2,862.90 per ounce in the international market.
This week is significant for commodities with US macroeconomic data — including JOLTs job openings, ISM services, ADP employment, and non-farm payroll — scheduled to be released. These data points will influence the trajectory of bullion prices, according to Praveen Singh, Associate VP, Fundamental Currencies and Commodities, Mirae Asset Sharekhan.
Comex silver futures during Asian market hours traded 0.50 percent lower at USD 32.10 per ounce.
