Gold price for 24K purity rallied ₹240 per 10 gram to hit an all-time high of ₹79,640 per 10 gram in India on Monday, October 21.
The yellow metal in 22K purity category also surged to ₹73,000 per 10 gram level for the first time on strong local demand from retailers and jewellers, amid the ongoing festive season and ahead of Dhanteras.
Gold price for 22K purity rose by ₹200 to ₹73,000 per 10 gram in Mumbai and Kolkata. The prices for 24K gold stood at ₹79,790 per 10g and 22K at ₹7,3150 per 10g in Delhi markets.
In futures trade, the most traded December month contract of gold rose by ₹261 to ₹78,010 per 10 gram in trading of 1,847 lots. Open interest was 15,472 lots.
Gold prices have been on a rise since the past week following a flare up in geopolitical tensions in the Middle East, uncertainty over US elections, and easing US bond yields.
Festive season demand is also stoking up the precious metal though record high prices are restricting its gains.
In global markets, spot gold was trading $2,726.56 an ounce. The precious metal hit an all-time high of $2,732.86 an ounce in overnight trade amid the uncertainty over the US elections.
Silver on other hand jumped by 1% to $33.99 an ounce in spot markets. The white metal hit a high of $34.11 an ounce in overnight trade.
Silver zooms to ₹1,00,000 per kilogram mark on festive demand
Silver prices also breached the ₹1,00,000 mark in major cities of India on high festive demand.
Silver zoomed by ₹1,500 per kg to hit a high of ₹1,01,000 in Delhi markets on Monday. The metal had jumped ₹2,600 per kg on Saturday.