Gold @ Rs 1.52 Lakh, Precious Metals At Record High Levels

Chennai: As global uncertainties continued unabated, precious metals, including gold, silver, and platinum touched record high price levels on Tuesday. Gold prices surged past Rs 1.5 lakh per 10 gm, while silver prices gained around Rs 3000 per kg in a single session.In the international market, spot gold touched $4,734 an ounce, up more than 3 per cent on Tuesday, while silver surged nearly 8 per cent to $95 an ounce in one of its strongest daily rallies in decades. Platinum, another precious metal, too climbed close to $2,400 per ounce and stood at record-high levels. Palladium too has moved up in the recent sessions to $1905 per ounce levels, though it is trading lower than record high levels. In the New Delhi spot market, gold was priced at Rs 1,52,500 per 10 gm against Rs 1,48,100 in the previous session. Gold gained over Rs 4000 per 10 gm in the first two sessions of this week. Silver moved higher to a new high of Rs 3,23,00 per kg on Tuesday against Rs 3,02,600 per kg on Monday. In the Multi Commodity Exchange too gold was priced around the same levels, if not higher. Gold was trading around Rs 1,52,500 and silver Rs 3,27,998. Usually, the bullion market prices trade higher than MCX prices as they include the GST rates as well. “However, with prices shooting up in recent sessions, the market expects sharp corrections in the short term and this has affected the demand,” said Surender Jain of Delhi Bullion Association. “Precious metals remained near record highs as renewed tensions between the United States and European nations—sparked by US tariff threats linked to control of Greenland—fuelled risk-off sentiment. Denmark’s increased military presence in Greenland added to the backdrop of instability,” finds Kedia Commodities. Meanwhile, geo-economic tensions heightened as US President Donald Trump said he would proceed with imposing tariffs on European nations if his demands are not met, while declining to rule out the use of force. Trump also warned of a 200 per cent tariff on French wines and champagne after President Macron declined an invitation to join his peace initiative. Financial markets are also closely watching the delayed US Personal Consumption Expenditures inflation report for clues on the Federal Reserve’s interest rate trajectory. Apart from gold and silver, platinum and palladium prices too experienced heightened volatility after the US administration decided against imposing tariffs on critical minerals, opting instead to secure supplies through international partners, adding to short-term price fluctuations.



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