According to the All India Sarafa Association, gold of 99.9 per cent purity closed at Rs 96,450 per 10 grams on Tuesday. Gold prices had recorded their biggest single-day rise on April 11, when it jumped by Rs 6,250 in local markets.

So far this year, gold prices have risen by Rs 18,710 or 23.56 per cent from the level of Rs 79,390 per 10 grams on January 1. Gold of 99.5 per cent purity also rose by Rs 1,650 to a new high of Rs 97,650 per 10 grams, compared to its previous closing price of Rs 96,000 per 10 grams.

Apart from this, silver prices increased by Rs 1,900 to Rs 99,400 per kg. On Tuesday, silver had closed at Rs 97,500 per kg.

“Gold once again rallied strongly… MCX gold touched a historic high of Rs 95,000 while COMEX gold crossed $3,300, indicating strong safe-haven demand,” said Jatin Trivedi, Vice President (Research Analyst) of Commodities and Currencies, LKP Securities.

Trivedi said the rise was due to geopolitical uncertainty and the absence of any constructive progress in tariff talks between the US and China. Unless there is a tangible result of reducing tensions, gold is likely to remain at higher levels.

Globally, spot gold hit a record high of $3,318 an ounce. Later, it pared some gains and traded at $3,299.99 an ounce.

Silver rose nearly two percent to $32.86 an ounce in Asian trading hours.

Market participants are now monitoring macroeconomic data, including US retail sales and industrial production, for further signals on the US Federal Reserve’s interest rate cycle, said Sawmil Gandhi, senior commodity analyst at HDFC Securities.

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On Friday, gold of 99.9 percent purity closed at Rs 88,750 per 10 grams. The price of gold of 99.5 percent purity rose by Rs 350 to Rs 88,700 per 10 grams. Its previous closing price was Rs 88,350 per 10 grams.

“Gold prices edged higher on Monday as demand for safe-haven gold remained strong against uncertainty owing to geopolitical and trade tensions,” said Saumil Gandhi, Senior Analyst (Commodities), HDFC Securities.

Last week, gold of 99.9 per cent and 99.5 per cent purity hit a new high of Rs 89,450 and Rs 89,050 per 10 gram, respectively. Silver, however, remained steady at Rs 1 lakh per kg.

Apart from this, Gandhi also said that the US dollar has given an additional boost to this precious metal. The dollar index has declined for the third consecutive week and is trading down amid mixed US macroeconomic data.

“Gold witnessed marginal gains as COMEX gold held above $2,925. Weakness in rupee provided additional support to MCX gold,” said Jatin Trivedi, Vice President Research Analyst (Commodities & Currencies), LKP Securities.

In foreign markets, Comex gold futures for April delivery stood at $ 2,954.71 an ounce. Globally, spot gold also rose by $ 5.50 to $ 2,941.55 an ounce.

“Gold prices are still trading near all-time highs as the dollar weakened amid rising geopolitical and economic uncertainty,” said Chintan Mehta, chief executive officer, Abans Holdings.

Mehta said the precious metal is expected to continue to rally as safe-haven demand remains strong, with central banks around the world continuing to accumulate gold to hedge against economic instability and policy uncertainty. On the other hand, silver futures in the Asian market closed down 0.43 per cent at $33.20 an ounce.

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