Ahead of Diwali, Gold prices on Wednesday touched a new all-time high of `78,900 per 10 grams in the national Capital, gaining `250 due to sustained buying by jewellers. The precious metal had closed at `78,650 per 10 grams in the previous session on Tuesday.
Silver also followed the suit and surged `1,000 to `93,500 per kg due to fresh buying from industrial units and coin makers. On Tuesday, it had finished at `92,500 per kg. Meanwhile, gold of 99.5 per cent purity jumped `250 to hit a fresh record high of `78,500 per 10 grams against the previous close of `78,250 per 10 grams.
The All India Sarafa Association attributed the rise in gold prices due to strong demand by local jewellers. Besides, the decline in equity markets also aided the rally in the yellow metal as investors moved towards the safe haven assets like gold. In futures trade on the Multi Commodity Exchange (MCX), gold contracts for December delivery climbed `268 or 0.35 per cent to `76,628 per 10 grams. Silver contracts for December delivery zoomed by `580 or 0.63 per cent to `92,203 per kg on the exchange.
In the international markets, Comex gold futures rose 0.51 per cent to USD 2,692.50 per ounce. The yellow metal remains strongly supported by elevated geopolitical tensions and uncertainty surrounding the United States’ Presidential elections.
