Gold surges Rs 1,700, silver jumps Rs 1,200 to hit fresh all-time highs

New Delhi, Sep 8 (IANS) Gold and silver prices witnessed a sharp surge on Monday, with both precious metals touching all-time highs, buoyed by geopolitical uncertainties, including ongoing US tariff concerns.

According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold jumped by Rs 1,699 to Rs 1,08,037 per 10 grams, compared to the earlier rate of Rs 1,06,338.

Similarly, 22-carat gold rose to Rs 98,962 per 10 grams, up from Rs 97,406, while 18-carat gold climbed to Rs 81,028 from Rs 79,754 per 10 grams.

Silver prices also recorded a significant increase, rising by Rs 1,243 to a record Rs 1,24,413 per kilogram, against the previous rate of Rs 1,23,170.

The precious metals mirrored the upward trend in future markets as well.

On the Multi Commodity Exchange (MCX), the gold contract expiring on October 3 was trading 0.39 per cent higher at Rs 1,08,147, while the silver for December 5 expiry rose 0.70 per cent to Rs 1,25,569.

The yellow metal too saw a significant gain in the global market. On Comex, gold edged up 0.20 per cent to $3,660.42 per ounce, while silver advanced 0.87 per cent to $41.915 per ounce.

"Gold took positive cues with gains of $28 at $3615 on COMEX and Rs 300 at Rs 1,08,000 on MCX, after last week’s weak Non-Farm Payrolls data strengthened expectations of a Fed rate cut in the upcoming meeting," said Jateen Trivedi of LKP Securities.

Tariff uncertainties along with firm rate cut expectations continue to provide strong support to Gold, he added.

This week, US CPI and Core CPI data will play a key role in guiding trends and volatility. Key support for Gold is seen at $3,560/Rs 1,06,500, while resistance is placed at $3,650/Rs 1,09,500, Trivedi added.

--IANS

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