Gold, silver scale record high for third straight session in Delhi; yellow metal hits Rs 72k

Gold and silver prices hit fresh lifetime high levels for the third straight session on Wednesday, with the yellow metal breaching Rs 72,000 per 10 grams level in the national capital, amid strong cues in the overseas markets, according to HDFC Securities.

Gold prices rose Rs 160 to hit its lifetime high of Rs 72,000 per 10 grams in the national capital. It had settled at a record Rs 71,840 per 10 grams on Tuesday.

Similarly, silver prices climbed Rs 200 to hit a record Rs 84,700 per kg.

"Spot gold prices (24 carats) in the Delhi markets are trading at Rs 72,000 per 10 grams, up by Rs 160, amid a bullish trend in the overseas markets," Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.

In the international markets, spot gold was trading at USD 2,356 per ounce, up USD 6 from the previous close.

Gold prices extended gains in the European trading hours on Wednesday, Gandhi said.

Navneet Damani, Senior VP of Commodity Research at Motilal Oswal Financial Services, said, "Gold and silver continue to hover around the all-time high mark, as safe-haven demand for the metals remained upbeat amidst the geo-political tensions and in anticipation of more cues on US CPI inflation for March and interest rates".

"Along with the US Consumer Price Index (CPI), the minutes of the Fed's March meeting is also due later on Wednesday, while the bank had offered up some dovish signals on interest rate cuts during the meeting, a string of Fed officials will be speaking after warned regarding sticky inflation, that could delay the interest rate cut." 

In addition, silver prices also marginally up at USD 28.10 per ounce. In the previous session, it had closed at USD 28.04 per ounce.

In the futures trade on the MCX, gold bounced to an all-time high of Rs 71,709 per 10 grams in intra-day trade.

The most-traded June contract of the precious metal was trading at Rs 71,364 per 10 grams at 1700 hrs, up by Rs 24 or 0.03 per cent to Rs 71,364 per 10 grams.

The August delivery contract of gold also hit an intra-day high of Rs 72,042 per 10 grams. The August contract traded at Rs 107 or 0.15 per cent higher at Rs 71,720 at 1700 hrs.

Also, silver prices hit a new peak of Rs 83,092 per kg during the day on the Multi Commodity Exchange (MCX).