Gold records new high at Rs 98K, soaring more than Rs 1,500 in one day

Gold prices rocketed to an all-time high of Rs 98,100 per 10 grams in the national capital on Wednesday, gaining Rs 1,650 in a single day. The surge comes amid renewed global interest in safe-haven assets following rising trade tensions between the United States and China.
As per the All India Sarafa Association, gold of 99.9% purity had settled at Rs 96,450 on Tuesday. Meanwhile, gold of 99.5% purity also touched a fresh peak of Rs 97,650, up from Rs 96,000 the previous day.
Silver prices followed a similar path, soaring by Rs 1,900 to reach Rs 99,400 per kg, compared to Rs 97,500 on Tuesday.
In the international market, spot gold climbed to a record high of $3,318 per ounce before trimming some gains to trade at $3,299.99. Spot silver too rose nearly 2% to $32.86 per ounce during Asian market hours. Gold futures in New York hit a lifetime high of $ 3,289.07 per ounce.
Back home, gold futures for June delivery on the Multi Commodity Exchange (MCX) opened strong, touching a record Rs 94,781 per 10 grams before settling slightly lower at Rs 94,768, still up by Rs 1,317 with an open interest of 21,211 lots.
The gains are being attributed to escalating trade tensions after the US raised tariffs on most Chinese goods to 245% and launched a probe into critical mineral imports.
“Gold surged to a record high, driven by growing trade war concerns after the US government tightened export rules to China,” said Kaynat Chainwala, AVP commodity research at Kotak Securities.
Chintan Mehta, CEO of Abans Financial Services, attributed the rally to the weakened US dollar.
He further added that while the Federal Reserve navigates the twin challenges of supporting economic growth while managing tariff-driven inflation, the current macro environment continues to offer strong support for gold.
"Adding to the bullish momentum, major banks remain positive on gold's outlook, citing continued inflows into gold-backed ETFs and sustained central bank buying," the CEO said.
Rahul Kalantri, VP commodities at Mehta equities Ltd, said, "The dollar remained under pressure, trading near two-year lows, which further supported the rally in gold."
Globally, gold futures increased nearly 2% to hit a lifetime high of $3,289.07 per ounce in New York.