Similarly, silver prices rose by Rs 100 to hit a new high of Rs 86,600 per kg.
“Spot gold (24 carat) prices in Delhi markets are trading at a record high of Rs 74,100 per 10 grams, up by Rs 400 amid positive trend in overseas markets,” Saumil Gandhi, senior commodities analyst at HDFC Securities, said.
In overseas markets, Comex spot gold traded at $2,390 per ounce, up $15 from the previous close.
Gold on the global market soared near a record high during Asian trading hours on Friday, following reports that Israel struck targets on Iranian soil, days after Iran launched an attack on Israel in retaliation for a raid on its consulate in Syria.
This increased the possibility of a wider regional conflict that would lead to higher gold prices. Additionally, silver was quoted higher at USD 28.29 per ounce. At the previous close, it finished at $28.25 per ounce. A string of reports, including U.S. inflation data that remained higher than expected this year, prompted top U.S. Federal Reserve officials to say recently they may keep rates on hold, market analysts say. high interest rates for a period of time.
That’s a disappointment after the Fed signaled earlier that three interest rate cuts could be possible this year. But Fed officials insisted they wanted to ensure inflation was heading toward their 2% target before lowering the Fed’s main interest rate from its highest level since 2001.
“Gold prices are expected to react to news developments related to both geopolitical tensions and interest rate updates from the Federal Reserve,” said Jateen Trivedi, vice president research analyst for commodities and currencies at LKP Securities.
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