Gold hits record excessive! Precious metal crosses Rs 91,000 as investors seek safe-haven amid Israel-Hamas tensions

Gold costs surged by Rs 500, reaching a record excessive of Rs 91,250 per 10 grams within the nationwide capital on Tuesday. This enhance was pushed by continued shopping for from stockists and retailers, coupled with robust tendencies in worldwide markets, in response to the All India Sarafa Association.
On Monday, gold with 99.9% purity had already climbed by Rs 1,300, setting a brand new peak of Rs 90,750 per 10 grams. Meanwhile, gold with 99.5% purity gained Rs 450, reaching a lifetime excessive of Rs 90,800 per 10 grams, up from Rs 90,350 the day prior to this.
“Gold continued its rally on Tuesday, hitting new highs both in domestic and international markets,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities instructed information company PTI.
He defined that gold stays a beautiful safe-haven asset amid ongoing uncertainties surrounding US President Donald Trump’s insurance policies, fears of a US recession, and geopolitical tensions.
The latest weak US financial knowledge has additionally fuelled expectations of a number of rate of interest cuts by the US Federal Reserve this yr supporting the attraction of gold as a non-yielding asset, Gandhi added.
In distinction, silver costs remained regular at Rs 1,02,500 per kg, additionally touching historic excessive.
Gold futures additionally noticed a leap of Rs 649, or 0.73%, reaching a brand new peak of Rs 88,672 in afternoon buying and selling on the Multi Commodity Exchange (MCX).
“Gold’s upward momentum continues in the MCX market, driven by heightened geopolitical tensions, particularly US strikes on Yemen’s Houthis, and instability in the Middle East,” mentioned Jateen Trivedi, VP of Research at LKP Securities.
He additionally famous that China’s financial stimulus plans have additional fuelled demand for gold as a safe-haven asset.
On the worldwide entrance, spot gold hit a brand new record of USD 3,028.49 per ounce, whereas Comex gold futures rose to a contemporary excessive of USD 3,037.26 per ounce.
“Gold prices have reached an all-time high due to growing recession fears in the US, with investors waiting for further direction from the Federal Reserve on its policy decisions,” mentioned Chintan Mehta, CEO of Abans Financial Services Ltd.
According to Kaynat Chainwala, AVP-Commodity Research at Kotak Securities, gold costs this week may also be influenced by the upcoming Federal Reserve coverage assembly, with investors hoping for readability on future financial coverage in mild of rising financial issues.
Disclaimer: The opinions, analyses and suggestions expressed herein are these of brokerage and don’t mirror the views of The Times of India. Always seek the advice of with a professional funding advisor or monetary planner earlier than making any funding selections.