New Delhi, Jan 10 (PTI) Gold prices rose Rs 250 to Rs 80,550 per 10 grams in the national capital on Friday as rupee hit record low amid consistent buying from retailers and stockists, according to the All India Sarafa Association.
The precious metal ended the previous session at Rs 80,300 per 10 grams.
However, silver traded flat at Rs 93,000 per kg on Friday.
The price of gold of 99.5 per cent purity continuing to shine bright for the fourth straight session by appreciating Rs 250 to Rs 80,150 per 10 grams. It had finished at Rs 79,900 per 10 grams on Thursday.
Traders said the rise in gold prices at local market is also propelled by robust overseas demand.
Meanwhile, the rupee declined 14 paise and touched the crucial 86-mark for the first time against the US dollar on Friday as it failed to resist pressure from a stronger American currency and huge outflow of foreign funds.
On a weekly basis, gold prices surged Rs 1,550, or 2 per cent, to Rs 80,550 per 10 grams, while silver shot up 2.5 per cent to Rs 93,000 per kg.
On the MCX, gold contracts for February delivery climbed Rs 388, or 0.5 per cent, to Rs 78,492 per 10 grams in the futures trade on Friday.
Silver contracts for March delivery bounced Rs 506, or 0.55 per cent, to Rs 92,217 per kg on the Multi Commodity Exchange (MCX).
Comex gold futures increased USD 16.10 per ounce, or 0.6 per cent, to USD 2,706.90 per ounce in the overseas market.
“Gold extended rally on Friday on the back of safe-haven demand due to uncertainty around future US monetary policy under President-elect Donald Trump,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
According to Augmont’s Head of Research Renisha Chainani, gold continued its winning streak due to safe-haven demand sparked by worries about Donald Trump’s proposed policies, while the UK faced a Budget crisis.
“The Federal Open Market Committee’s (FOMC) members hinted that more (rate) easing would be appropriate if the data came in as anticipated.
“Market participants will be looking for the upcoming US non-farm payrolls and UoM Consumer Sentiment data for additional economic cues,” Chainani said.
Silver comex futures in the Asian market hours shot up 0.6 per cent to USD 31.20 per ounce.
The strong industrial demand for silver, fuelled by its importance in renewable energy technologies and electronics, has been driving up demand for silver as a safe-haven asset.
According to Dutch multinational ING Bank, the precious metals have had a muted start to 2025 with the market weighing the outlook for the year amid geopolitical tensions, the uncertain path for China’s economic recovery and rising protectionism.
The US election has further complicated the outlook with the threat of tariffs on Chinese goods looming over the market. Investors believe that potential US tariffs and a stronger dollar could further depress bullion prices, the bank said. PTI HG TRB
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