Gold rates hit fresh peak, climb ₹200 to lifetime high of ₹94,350 per 10 gm in Delhi; silver declines

Another day, another record-high: Domestic gold prices climbed ₹200 to hit a new lifetime high of ₹94,350 per 10 gm (24K, 99.9% purity) in the national capital on Thursday amid heavy buying by jewellers, according to the All India Sarafa Association. Gold of 99.5% purity (22K) jumped to ₹93,900 per 10 gm. The yellow metal rose for the fifth consecutive session on April 3.

On Wednesday, the precious metal settled flat at ₹94,150 per 10 gm (24K). The yellow metal made its biggest jump in two months on Tuesday, climbing ₹2,000 to touch its previous lifetime high of ₹94,150/10 gm.

Silver, however, declined by ₹1,000 to ₹1,00,500 per kg on Thursday after closing at ₹1,01,500 per kg on Wednesday.

On the Multi Commodity Exchange (MCX), gold futures for June delivery jumped ₹695 to hit a fresh high of ₹91,423 per 10 gm. However, it later shed its gains, trading lower by ₹848 at ₹89,880 per 10 grams.

In the overseas markets, spot gold plunged $43.39 (1.38%) to $3,089.64 per ounce after hitting a record-high of $3,167.71 per ounce on Wednesday after US President Donald Trump announced tariffs on over 60 countries.

Trump in an executive order on Wednesday announced a universal "baseline" 10% tariff on imports into the US, along with tariffs of up to 50% on imports from all trading partners.

In the Asian market hours, spot silver declined 4.21% to $32.44 per ounce.

Experts believe that spot gold prices might see further corrections as the risk premium associated with the precious metal has started to diminish.