Gold surges to hit all-time high of ₹89,450 per 10 gm, silver rallies ₹700; check gold rates today

Domestic gold prices on Thursday increased marginally by ₹50 to hit a fresh all-time high of ₹89,450 per 10 gm in the national capital amidst continuing pressure from global trends, according to the All India Sarafa Association. Gold of 99.9% purity had previously settled at ₹89,400/10 gm on Wednesday.

"Gold hit fresh record highs on Thursday as the news flow regarding Trump's tariff policy continues to attract safe haven flow towards gold and also to prevent investors from profit-taking in gold," Saumil Gandhi, Senior Analyst, Commodities at HDFC Securities, said.

US President Donald Trump on Wednesday said that he would impose tariffs on timber, vehicles, semiconductors, and pharmaceuticals over the next month or sooner, causing market corrections and further fueling gold prices.

"The news fuelled market fears that Trump's trade tariffs policy could spark a global trade war, boosting safe-haven gold prices," Gandhi added.

Silver prices also jumped by ₹700, crossing the ₹1 lakh mark to reach ₹1,00,300 per kilogram. In the previous session, silver prices were at ₹99,600 per kg. Meanwhile, in futures trade on the MCX, gold contracts for April delivery climbed ₹500 to ₹86,410 per 10 grams. Silver futures for March delivery surged ₹1,224, or 1.27%, to ₹97,630 per kg on the Multi Commodity Exchange (MCX).

"Gold traded positively with a gain in MCX. A weaker dollar index has further aided gold's upward momentum, while ongoing tariff adjustments from the US continue to fuel uncertainty, keeping demand for gold high," Jateen Trivedi, VP Research Analyst of Commodity and Currency, LKP Securities, said.

Globally, Comex gold futures for April delivery increased by $36.81, or 1.25%, to hit a new high of $2,972.91 per ounce. Additionally, Comex silver futures in the Asian market hours increased by 2.08% to $33.73 per ounce.

The precious metal futures grew following reports that Trump stated that a trade agreement with China would be possible, as per experts.

Geopolitical concerns are on the rise since Trump said Ukraine initiated the conflict with Russia and hinted that it was time to reimburse the US for all the money it had given.

Factors like geopolitical uncertainty and market volatility lead to a surge in gold prices as investors flood to safe investments like yellow metal when equity markets and currencies turn risky.

"Investors await the US weekly jobless claims data to be released later on Thursday to assess labour market strength and will provide further insights into the monetary policy trajectory," Abans Holdings' Chief Executive Officer Chintan Mehta said.