NEW DELHI: Gold prices on Thursday surged Rs 1,400, reaching Rs 79,300 per 10 grams in New Delhi, majorly due to increased buying from jewellers and retailers, as reported by the All India Sarafa Association. The 99.9 per cent pure metal had previously closed at Rs 77,900 per 10 grams while Silver remained stable at Rs 93,000 per kg on Thursday.
Additionally, the 99.5 per cent pure gold also increased Rs 1,400, reaching Rs 78,900 per 10 grams, compared to Wednesday’s closing price of Rs 77,500 per 10 grams.
On the MCX, December delivery gold contracts increased by Rs 568 (0.75 per cent), trading at Rs 76,602 per 10 grams.
“Gold prices surged higher as geopolitical tensions reignited safe-haven demand, with renewed concerns over nuclear risks in the Russia-Ukraine conflict. Reports of escalating tensions and global unease drove gold prices on comex,” said Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities.
He further said that ongoing uncertainty supports a positive outlook for gold, with increased volatility expected in the near term due to geopolitical developments.
Meanwhile, MCX silver contracts for December delivery increased by Rs 318 (0.35 per cent) to Rs 90,407 per kg. In international markets, Comex gold futures rose by USD 19.80 per ounce (0.74 per cent) to USD 2,695.40 per ounce.
“Gold rallied as investors returned to the safe haven following the intensification of the crisis between Russia and Ukraine. After a recent strike with US-made long-range missiles, Ukraine deployed UK-built missiles into Russian territory,” said Saumil Gandhi, senior analyst of commodities at HDFC Securities.