Gold climbs Rs 200 to hit record high of Rs 94,350 per 10 gm in Delhi

New Delhi, Apr 03: Gold prices climbed Rs 200 to hit a fresh peak of Rs 94,350 per 10 grams in the national capital on Thursday amid persistent buying by jewellers and stockists, according to the All India Sarafa Association.

The precious metal of 99.9 per cent purity had stayed flat at Rs 94,150 per 10 grams on Wednesday.

Rising for the fifth straight day, gold of 99.5 per cent purity rose Rs 200 to establish a lifetime high of Rs 93,900 per 10 grams.

However, silver prices plunged Rs 1,000 to Rs 1,00,500 per kg from Wednesday's closing level of Rs 1,01,500 per kg.

Meanwhile, gold futures for June delivery on the MCX, climbed Rs 695 to hit a record high of Rs 91,423 per 10 grams. Later, it pared all its gains, trading lower by Rs 848 at Rs 89,880 per 10 grams.

"Gold saw an initial rally in the morning session driven by the impact of reciprocal tariffs but soon faced profit-booking as prices had largely factored in the tariff effects," Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities, said.

In the international markets, spot gold dipped USD 43.39, or 1.38 per cent, to USD 3,089.64 per ounce. On Wednesday, it had hit a fresh peak of USD 3,167.71 per ounce after US President Donald Trump unleashed tariff barrage on over 60 countries.

"Gold soared to a new record high of USD 3,167 per ounce as risk aversion heightened following President Trump's tariff decision," Saumil Gandhi, Senior Analyst -- Commodities at HDFC Securities, said.

Despite the initial gains, gold prices retreated from the record high and is currently trading lower due to profit-taking by traders who had taken positions to hedge against the tariff hike announcement, Gandhi said.

"We believe that the gold prices may experience further correction, as the risk premium has started to diminish following the outcome of tariff hike announcements made by Trump," he added.

Spot silver tanked 4.21 per cent in the Asian market hours to USD 32.44 per ounce.

According to Abans Financial Services' Chief Executive Officer Chintan Mehta, investors will closely assess Trump's new tariff policies and their potential impact on the global economy.

Additionally, market attention will be on the weekly US unemployment claims and Services PMI data to be released later on Thursday, both of which could provide further insights into the strength of the US economy amid rising trade tensions, Mehta said.