Ayush Kumar Jaiswal
Gold prices surged by Rs 400 to reach a new record high of Rs 85,300 per 10 grams in the national capital on Monday, driven by sustained demand from jewellers and stockists, as reported by the All India Sarafa Association. Traders attributed the rise to the sharp depreciation of the rupee and strong trends in international markets. On Saturday, gold of 99.9% purity had closed at Rs 84,900 per 10 grams, while gold of 99.5% purity rose for the fourth consecutive session, climbing Rs 400 to hit another record high of Rs 84,900 per 10 grams. In the previous trading session, the yellow metal had ended at Rs 84,500 per 10 grams.
Silver also saw gains, rallying for the fifth straight session and increasing by Rs 300 to Rs 96,000 per kg on Monday. The white metal had closed at Rs 95,700 per kg in the previous session.
The rupee fell sharply by 55 paise to an all-time low of 87.17 (provisional) against the US dollar on Monday, as global market sentiment was impacted by the Trump administration’s imposition of tariffs on Canada, Mexico, and China.
In futures trading on the MCX, gold contracts for April delivery rose by Rs 461, or 0.56%, to Rs 82,765 per 10 grams. Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities, noted that gold rallied positively on MCX as participants increased allocations amid concerns over a potential “Trade War 2.0” triggered by the US, boosting safe-haven demand.
On Saturday, gold for April delivery had jumped Rs 1,127 to a record high of Rs 83,360 per 10 grams, coinciding with Union Finance Minister Nirmala Sitharaman’s presentation of the Union Budget 2025-26. Silver futures for March delivery also gained Rs 436, or 0.47%, to Rs 93,650 per kg.
Globally, Comex gold futures fell by $7.50 per ounce, or 0.26%, to $2,827.50 per ounce. Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, stated that gold opened weaker due to pressure from a strong US dollar and long liquidation. The US dollar had surged to a three-week high following President Donald Trump’s announcement of tariffs over the weekend.
On Friday, gold futures for April had hit an all-time high of $2,862.90 per ounce in the international market. Praveen Singh, Associate VP of Fundamental Currencies and Commodities at Mirae Asset Sharekhan, highlighted that this week is crucial for commodities, with key US macroeconomic data—including JOLTs job openings, ISM services, ADP employment, and non-farm payroll—set to influence the trajectory of bullion prices.
In Asian trading hours, Comex silver futures were down 0.50% at $32.10 per ounce.
