Gold prices today: Yellow metal hits record high of ₹82,900 on global cues, up 32% in 12 months; Silver is trading with a decline

gold prices increased Reached a new record high of 170 According to All India Bullion Association, gold reached Rs 82,900 per 10 grams in the national capital on Thursday amid positive global trends.

was closed on precious metal 82,730 per 10 grams on Wednesday.

In almost a year, the precious metal surged 20,180 or 32.17 percent Rs 82,900 per 10 grams 62,720 per 10 grams on 23 February 2024.

Extending gains for the seventh consecutive session, prices of gold of 99.5 percent purity rose. Reached all-time high of 170 82,500 per 10 grams. the metal was gone In the last trading session it was Rs 82,330 per 10 grams.

Gold of 99.9 and 99.5 percent purity increased Rs 2,320 in each of the last seven trading sessions.

However, silver prices fell from 500 93,500 per kg from the previous closing price. 94,000 per kg on Wednesday.

Bullion traders attributed the rise in prices of the precious metal to a firm trend in the international markets as well as increased demand from jewelers and retailers.

Gold contracts for February delivery rose in futures trade on Thursday. 19 or 0.02 percent to trade 79,583 per 10 grams on the Multi Commodity Exchange (MCX).

However, silver futures declined 422 or 0.46 percent Rs 91,522 per kg from previous close 91,944 per kg on Wednesday.

In overseas markets, gold futures on Comex fell $13.20 an ounce, or 0.48 per cent, to $2,757.70 an ounce.

“Gold prices traded flat to negative on Thursday due to improvement in US dollar and treasury yields,” said Saumil Gandhi, Senior Analyst (Commodities), HDFC Securities.

Gandhi said a rise in the US dollar index and Treasury yields after a positive close in the previous session capped further gains in gold prices and induced some selling in gold prices on Thursday.

According to Renisha Chainani, head of research at Augmont, gold is on the verge of reaching record highs and this may happen in the next day or two. The bullish momentum is increasing due to the comments made by the newly elected US President Donald Trump on tariffs.

In the Asian market, silver Comex futures fell 1.03 percent to US $ 31.10 an ounce.

Chainani further said, ‘Trump announced that his government is considering imposing 25 percent tax on Canada and Mexico.’

The US President’s proposed policies are widely seen as inflationary, which could force the Federal Reserve to maintain its dovish stance and keep interest rates higher for a longer period of time to prevent rising price pressures .

Mexico is a top producer of silver, and it is unclear whether tariffs on imports of the metal would apply.

Market participants are focusing on the upcoming Federal Reserve policy meeting on January 29, which could provide more signals for the future trend of bullion prices, said Jatin Trivedi, VP Research Analyst, Commodity and Currency at LKP Securities.