Gold near record high, jumps by Rs 700 to close to Rs 82,000 per 10 grams

On Friday, the price of gold in Delhi-NCR rose for the third consecutive day, rising by Rs 700 to close to the record level of Rs 82,000 per 10 grams due to a rise in local markets. All India Sarafa Association gave this information. On Thursday, this precious metal closed at Rs 81,300 per 10 grams.

For the third consecutive day, the price of 99.5 percent pure gold continued to shine and it rose by Rs 700 to Rs 81,600 per 10 grams, while the previous closing price was Rs 80,900 per 10 grams. On the other hand, silver price declined by Rs 500 to Rs 93,500 per kg against the previous closing at Rs 94,000 per kg on Friday.

In the national capital, 99.9 percent purity gold climbed to a record Rs 82,400 per 10 grams, whereas 99.5 percent purity gold touched its peak at Rs 82,000 per 10 grams on October 31 last year. Traders say that despite weak trends in international markets, prices of precious metals rose amid high demand from jewelers in the domestic market.

Meanwhile, the price of gold contract for February delivery in futures trading on the Multi Commodity Exchange (MCX) fell by Rs 424 or 0.54 percent to Rs 78,802 per 10 grams. Jatin Trivedi, Vice President and Research Analyst, Commodity and Currency Segment, LKP Securities, said, "Gold witnessed slight profit booking from the upper areas on MCX, which brought it to the level of Rs 78,800."

Trivedi said that this decline has come at a time when there are positive signs like an easing of tension in West Asia. Recent US data has also been positive. CPI, retail sales, and the softness of the Federal Reserve are also largely in favor of the market. 

Silver contract for March delivery on MCX on Friday fell by Rs 1,093 or 1.18 percent to Rs 91,710 per kg. Globally, Comex gold futures fell by $21.10 an ounce, or 0.77%, to trade at $2,729.80 an ounce. "Gold eased slightly below $2,750 an ounce ahead of upcoming US housing and industrial production data," said Kaynat Chainwala, AVP, of Commodity Research at Kotak Securities.

Fed Governor Christopher Waller on Thursday said the central bank could cut interest rates three or four times this year if economic data continues to be weak, further fuelling optimism over interest rate cut expectations, which supported the metal. Additionally, Comex silver futures were down 1.47% at $31.26 an ounce in Asian markets.

Furthermore, uncertainties over US President-elect Donald Trump's trade policies and tariff plans will help limit losses for the safe-haven asset, according to commodity experts. He said the US dollar is on track for a third consecutive day of gains, as traders now eye US macro data for fresh stimulus.