Gold prices surged Rs 800 on Tuesday and reached a fresh record high of Rs 65,000 per 10 grams in the national capital. The development is the result of strong global trends, according to HDFC Securities.
Silver also rallied Rs 900 to Rs 74,900 per kg.
According to analysts, spot gold prices (24 carats) in the Delhi markets are trading at Rs 65,000 per 10 grams, up by Rs 800, as a result of bullish cues from overseas markets. There is speculation that the US Federal Reserve will cut interest rates in June.
The rise is also attributed to a slowing of industrial and construction spending in the US, and a dip in inflationary pressures. Geopolitical risks, and the resulting uncertainty, are also responsible for gold being preferred as a safe investment.
In the international markets, spot gold at Comex was trading at $2,110 per ounce, up by more than 1% from the previous close.
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