Gold jumps Rs 350 to hit fresh record high of Rs 71,700 per 10 grams

New Delhi: Gold prices in the national capital hit an all-time high on Monday and jumped Rs 350 to Rs 71,700 per 10 grams following a pick-up in safe-haven demand for the precious metal, according to HDFC Securities.

The yellow metal prices have seen remarkable gains so far in 2024, becoming costlier by over Rs 7,700 per 10 grams.

In the previous session, gold had ended at Rs 71,350 per 10 grams.

Silver prices also soared Rs 800 to scale a fresh peak of Rs 84,000 per kg. In the previous trade, it had settled at Rs 83,200 per kg.

"Spot gold prices (24 carats) in the Delhi markets are trading at a record high of Rs 71,700 per 10 grams, up Rs 350, taking bullish cues in the overseas markets," Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.

In the international markets, spot gold at COMEX was trading at USD 2,336 per ounce, up USD 7 from the previous close.

Traders didn't pay attention to the upbeat US jobs report and instead focused on the bullion's upward trend that has been going on for a few weeks. This caused the price of gold to reach another record high on Monday, Gandhi added.

Jateen Trivedi, VP Research Analyst at LKP Securities, said, "Gold prices continued their upward trajectory, supported by a surge in global COMEX prices, which touched USD 2,350 per ounce in the early morning hours.

"The ongoing buying of gold by global central banks has provided significant support to prices, along with sustained geopolitical tensions and the anticipation of imminent interest rate reversals. While the overall price outlook remains bullish, some correction may be expected towards Rs 69,500 during the course of this week." In addition, silver prices also trading higher at USD 27.80 per ounce. In the previous session, it had closed at USD 27.45 per ounce.