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

On Tuesday, gold prices increased by Rs 500 in the national capital by reaching a record high of Rs 91,250 per 10 grams. According to the All India Sarafa Association, this growth was motivated by purchasing from stockists and retailers, with strong trends in international markets.
On Monday, gold had already climbed to Rs 1,300 with 99.9% purity, with a new peak of Rs 90,750 per 10 grams. Meanwhile, gold rose by Rs 450 with 99.5% purity, which reached Rs 90,800 per 10,800 rupees above Rs 90,350 in the previous day.
“Gold continued its rally on Tuesday, killing both domestic and international markets to a new height,” a senior analyst at Commodities of HDFC Securities told the news agency PTI.
He explained that gold remains an attractive Safe asset Amidst the ongoing uncertainties around the policies of US President Donald Trump, the possibility of American recession, and Georgonal stress,
Recent weaker American economic data has also given air to the expectations of several interest rate cuts. US federal reserve Supporting the appeal of gold as a non-rich property this year, Gandhi said.
In contrast, silver prices remained stable at Rs 1,02,500 per kg, which was touching the historic high.
Gold futures also saw a jump of Rs 649 or 0.73%to reach a new peak of Rs 88,672 on the Multi Commodity Exchange (MCX).
Jetten Trivedi, VP of LKP Securities Research, said, “The MCX market continues to have gold speed, which is inspired by increased geo -political stresses, especially US attacks on the fighters of Yemen, and instability in the Middle East,” said VP Jetten Trivedi of Research in LKP Securities said.
He also said that China’s economic incentive schemes have further increased the demand for gold as a safe property.
On the global front, Spot Gold hit a new record of 3,028.49 per ounce USD, while Comex Gold Futures rose to a fresh high of USD 3,037.26 an ounce.
Chinton Mehta, CEO of Abs Financial Services Limited, said, “Gold prices have reached a high level due to the possibility of increasing recession in the US, investors have waited for the further direction on their policy decisions from the Federal Reserve.”
According to AVP-Cocadity Research Kayanat Chenwala in Kotak Securities, this week the prices of gold will also be affected by the upcoming Federal Reserve Policy Meeting, investors expect clarity on future monetary policy in light of growing economic concerns.
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