New Delhi, Apr 22 (PTI) Gold prices surged by Rs 1,800 to zoom past the crucial Rs 1 lakh-mark for 10 grams in the national capital on Tuesday amid buying rush by local jewellers and stockists in anticipation of increased demand during Akshaya Tritiya and wedding season even as global macroeconomic uncertainties continued to fuel safe-haven chase.

According to the All India Sarafa Association, the precious metal of 99.9 per cent purity climbed Rs 1,800 to hit the lifetime peak of Rs 1,01,600 per 10 grams from Monday’s closing level of Rs 99,800 per 10 grams.

Gold of 99.5 per cent purity also jumped by Rs 2,800 to hit a record high of Rs 1,02,100 per 10 grams in the local markets on Tuesday. It had settled at Rs 99,300 per 10 grams in the preceding session.

Akshaya Tritiya, which is considered the most auspicious day to buy gold, falls on April 30. The ongoing wedding season will continue till May end.

The yellow metal has spurted by Rs 22,650 per 10 grams, or nearly 29 per cent, since December 2024.

Meanwhile, silver prices remained flat at Rs 98,500 per kg on Tuesday.

“The new all-time-high attained by the yellow metal is primarily influenced by the rising tensions between President Donald Trump and US Fed Chair Jerome Powell regarding the interest rate cut.

“Additionally, weakness in the US dollar following the tensions between Trump and Fed Chair Powell, and uncertainties around the US-China trade war are another crucial factors that has pushed gold price to a record high,” Colin Shah, MD at Kama Jewelry, said.

While the gold price is on an upward trajectory, the fall in US dollar will make gold affordable in other currencies, keeping the demand-price dynamics balanced, Shah said.

“In the domestic markets, it is observed that gold price witnesses a slight rise around festive season like Akshaya Tritiya, in reflection to the spike in demand.

“The sentimental and cultural value attached towards investing in yellow metal on auspicious occasions like this will keep the demand upbeat, irrespective of the price trend, he added.

In the futures trade on the Multi Commodity Exchange (MCX), the most-traded June contract of the precious metal surged by Rs 2,079 or 2.14 per cent to reach a record high of Rs 99,358 per 10 grams.

Later, it pulled back from the record level to trade at Rs 98,450 per 10 grams, up by Rs 1,171 or 1.2 per cent with a interest of 21,899 lots.

The August contract of the metal rallied Rs 2,048 or 2.1 per cent to hit a fresh peak of Rs 1,00,000 per 10 grams on the MCX.

In addition, the October contract for gold appreciated by Rs 2,016 or 2.05 per cent to touch a record high of Rs 1,00,500 per 10 grams on the commodities bourse.

In the overseas markets, spot gold rose by USD 75.55 or 2.2 per cent to hit a record high of USD 3,499.92 per ounce. Later, the yellow metal pared gains to trade at USD 3,466.93 per ounce, up by USD 42.56 or 1.24 per cent.

Also, Comex gold futures rose by USD 83.76 or 2.44 per cent to breach the psychological mark of USD 3,500 for the first time.

“Comex gold extended its gains to surpass USD 3,500 for the first time, driven by continued dollar weakness, Trump-Powell standoff, and investor anxiety over economic headwinds stemming from renewed tariffs.

“Additionally, warnings from China, cautioning nations against entering trade agreements with the US at their expense, added to gold’s appeal as a hedge against geopolitical and economic risk,” Kaynat Chainwala, AVP-Commodity Research at Kotak Securities, said.

Investors are now closely watching upcoming remarks from several Federal Reserve officials for further clarity on monetary policy direction, Chainwala said.

Spot silver in the Asian market hours traded flat at USD 32.70 per ounce. PTI HG HVA HG SHW