Gold rate today: Gold prices in the national capital surged Rs 2,100 to an unprecedented Rs 1,03,670 per 10 grams on Friday, extending gains for the fourth straight session. Dealers said persistent buying by stockists, a weaker rupee, and heightened global uncertainties lifted the yellow metal to a fresh peak.Gold of 99.9% purity, which had closed at Rs 1,01,570 a day earlier, scaled the new lifetime high, while gold of 99.5% purity also rose by Rs 2,100 to Rs 1,03,100 per 10 grams (inclusive of taxes), PTI reported. Both grades had last touched their previous records of Rs 1,03,420 and Rs 1,03,000 respectively on August 8, after a sharp Rs 3,600 rally in the preceding session on August 7.“Gold prices witnessed a sharp gain and surged to a new record high in the domestic markets, led by a weaker rupee and a positive trend in the overseas market. The Indian rupee hit an all-time low, raising concerns about the impact of 50% US tariffs on the country’s GDP,” said Saumil Gandhi, Senior Analyst–Commodities at HDFC Securities.The rupee breached the 88-mark for the first time, closing at a record 88.19 per dollar, a fall of 61 paise. Market participants flagged rising anxiety over US-India trade tensions as another factor driving safe-haven demand.During the week, gold prices climbed Rs 3,300 or 3.29%, extending their upward momentum. In futures trade, October delivery contracts on MCX jumped Rs 713 or 0.70% to Rs 1,02,813, while December futures added Rs 702 or 0.68% to Rs 1,03,849 per 10 grams.Silver, however, eased after scaling record highs. Prices in the spot market slipped Rs 1,000 to Rs 1,19,000 per kg (inclusive of taxes), after settling at Rs 1,20,000 the previous day. On MCX, September silver contracts rose Rs 651 to Rs 1,17,825 per kg, while December contracts gained Rs 641 to Rs 1,19,285.“Gold after a brief decline earlier this month is now trading higher on Friday, while silver hit an all-time high clearly showing the white metal’s consistent outperformance in recent weeks. Heightened political uncertainty over the possible dismissal of the Fed Governor and the announcement of steep tariffs on Indian products sparked safe-haven buying,” said Trivesh D, COO at Tradejini.He added that silver, with strong industrial demand, remains attractive. “In the last five years, both metals continued to make new records every year, underlining their role in volatile markets,” he said.In the international market, spot gold was steady at $3,407.39 an ounce in New York, while silver slipped 0.52% to $38.84. Renisha Chainani, Head of Research at Augmont, noted: “Gold prices rose after safe-haven demand on concerns that political pressure on the Federal Reserve could accelerate interest rate cuts.”Trivesh D pointed out that silver is hovering near $39.60 an ounce, a resistance level that, if breached, could lift prices towards $44 — a potential 12% upside.Praveen Singh, Head of Commodities and Currencies at Mirae Asset ShareKhan, said investors are awaiting the release of the US PCE Price Index, the Fed’s preferred inflation gauge, later in the day, which may shape bullion sentiment and monetary policy expectations.
