Gold Rate: On Budget Day, gold reached a new record high. There was a sharp surge in the price of the yellow metal on Saturday. Due to increased domestic demand, gold jumped by ₹1,100 to reach a new peak of ₹84,900 per 10 grams. Meanwhile, silver also witnessed a strong rise.

Gold Prices Reach Record Highs

The price of gold has skyrocketed, reaching a new record high in Delhi’s bullion market. On Saturday, gold was priced at ₹84,900 per 10 grams, marking an all-time high. The price of 99.9% pure gold has been rising for the third consecutive trading session, surging by ₹1,100 due to strong domestic demand.

Sharp Surge in Gold Prices

From January 1 to February 1, gold prices have witnessed a significant increase. Over the past month, the price of gold has risen by ₹5,510, reflecting a 7% jump. In the local market, gold prices have surged from ₹79,390 per 10 grams to ₹84,900. Meanwhile, 99.5% pure gold has also reached its highest level, remaining stable at ₹84,500 per 10 grams.

Silver Also Shines Brighter

Along with gold, silver has also seen a surge in prices. Due to increased purchases by industrial units and coin manufacturers, silver has been on an upward trend for the past four days. On Saturday, silver strengthened by ₹700, reaching ₹95,700 per kilogram. Previously, on Friday, the price of silver was ₹95,000 per kilogram. Over the past four trading sessions, silver has risen by ₹2,700 to reach ₹95,700 per kilogram.

Reasons Behind the Rise in Gold and Silver Prices

The increase in gold and silver prices is primarily due to the rise in global spot gold prices, which have surpassed $2,800 per ounce, leading to higher demand. Additionally, strong domestic investor demand, anticipation ahead of the Union Budget for the fiscal year 2025-26, and the impact of the U.S. Federal Reserve’s interest rate policies have contributed to the surge in gold prices.

Gold Futures Reach Record High

On Budget Day, i.e., Saturday, gold prices in the futures market reached a new all-time high of ₹83,360 per 10 grams due to strong spot demand. On the Multi Commodity Exchange (MCX), gold prices hit this record high during early trading. However, later, prices dropped by ₹1,127, settling at ₹82,233 per 10 grams. The April 4 gold futures contract reached ₹82,600 per 10 grams.