Gold prices experienced a rise of Rs 1,100, reaching a new peak of Rs 92,150 per 10 grams in the national capital on Friday, driven by increased rates in overseas markets, according to the All India Sarafa Association. The precious metal, with 99.9 percent purity, had closed at Rs 91,050 per 10 grams the previous day.
In the fiscal year 2025, gold prices have risen by Rs 23,730, marking a 35 percent increase from Rs 68,420 per 10 grams on April 1 of the prior year. Continuing this trend for the third consecutive session, gold of 99.5 percent purity also saw a surge of Rs 1,100, setting a lifetime high of Rs 91,700 per 10 grams, up from Rs 90,600 per 10 grams at the last market close.
According to Saumil Gandhi, a Senior Analyst of Commodities at HDFC Securities, the continued bullish momentum in gold prices is attributed to fears of an escalating global trade war and its potential economic impacts. Meanwhile, silver prices also climbed by Rs 1,300, approaching a record high at Rs 1,03,000 per kg, compared to Thursday’s close at Rs 1,01,700 per kg. On March 19, silver reached a record high of Rs 1,03,500 per kg.
Gold futures for April delivery on the Multi Commodity Exchange increased by Rs 542 to Rs 88,926 per 10 grams. Jateen Trivedi, VP Research Analyst – Commodity and Currency at LKP Securities, noted that gold prices continued to rise in the spot market due to ongoing tariff concerns, which maintained buying interest. With reciprocal tariffs expected on April 2, it’s anticipated that U.S. President Donald Trump will impose them on all trade deals, heightening uncertainty.
Globally, spot gold surged to a record high of USD 3,086.08 per ounce, while Comex gold futures reached another peak at USD 3,124.40 per ounce. Kotak Securities reports that Comex gold futures hit record highs due to increasing trade war anxieties as President Trump’s threats of auto import tariffs and potential further levies against the EU and Canada intensified safe-haven demand.
This month, gold prices have risen by approximately 8.2 percent, driven by geopolitical tensions and strong central bank purchases, according to the brokerage firm. During Asian market hours, spot silver was trading steadily at USD 34.42 per ounce, while Comex silver futures increased by 0.7 percent to USD 35.33 per ounce.
Traders indicated that growing uncertainty over economic repercussions from these tariffs is amplifying market volatility, as they are expected to drive inflation and slow global economic growth, thus strengthening demand for precious metals.
Chintan Mehta, CEO of Abans Financial Services, mentioned that investors are focusing on upcoming speeches by multiple Federal Reserve officials for insights into the central bank’s monetary policy outlook. Additionally, market participants are closely monitoring the US Personal Consumption Expenditures data, set to be released later on Friday, as it is the US Federal Reserve’s preferred inflation gauge and a key indicator for potential policy changes.