The surge in the prices of gold came hours after Iraq airbases housing US troops came under missile attack by Iran. The missile attacks were a revenge act following the assassination of Iranian General Qasem Soleimani.
Gold hit its all-time high level on Monday and later closed at Rs 41,630 per 10 gram.
A day after the prices of gold hit the highest in nearly seven years at $1,582.59, on Tuesday it dropped in India amid a decline in global markets and a rebound in rupee against the US dollar.
Gold prices in the national capital hit an all-time high level on Monday and zoomed Rs 720 to Rs 41,730 per 10 gram following a pick-up in safe-haven demand for the metal amid weak equities and bullish global trends, according to HDFC Securities.
On Friday, gold prices rose 2 per cent or ₹850 per 10 gram. This takes a two-day gain in gold prices in domestic markets toe in global rates, about ₹1,800 per gram.
On Tuesday, the precious metal had closed at Rs 39,949 per 10 gram. Silver prices also witnessed correction, falling Rs 590 to Rs 47,655 per kg, from Rs 48,245 per kg in the previous trade.
Always a pricey possession, gold is set to remain more pricey in the New Year too as continuing geopolitical tremors, economic woes and rupee volatility are expected to push the yellow metal even to Rs 45,000 for 10 gram.
The precious metal had in the previous trade closed at Rs 39,955 per 10 gram, according to HDFC Securities.
In the previous trade, the yellow metal had closed at Rs 38,967 per 10 gram.
Gold prices on Tuesday fell by Rs 68 to Rs 38,547 per 10 gram in the national capital on rupee appreciation and weak demand, according to HDFC Securities.
Gold prices declined Rs 166 to Rs 38,604 per 10 gram in the national capital on Monday.
Gold prices on Thursday rose Rs 53 to Rs 38,150 per 10 gram in the futures trade as speculators widened their bets on spot demand, tracking a firm trend overseas. On the Multi Commodity Exchange, gold contracts for the December delivery traded higher by Rs 53, or 0.14 per cent, at Rs 38,150 per 10 gram in a business turnover of 1,880 lots.
Gold in the national capital rose Rs 225 to Rs 38,715 per 10 gram on Wednesday helped by wedding season demand and rally in international prices
Gold on Tuesday fell by Rs 130 to Rs 38,550 per 10 gram in the national capital on a weak global trend.
Gold prices on Monday rallied by Rs 118 to Rs 38,678 per 10 gram in the national capital helped by a recovery in global prices and sharp rupee depreciation against the dollar.
Tracking the rise in gold, silver prices also moved up by Rs 230 to Rs 46,510 per kg from Rs 46,280 per kg on Wednesday.
On Tuesday, gold had closed at Rs 38,755 per 10 gram.
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The precious metal contracts for December delivery traded up by Rs 163, or 0.42 per cent, to Rs 38,700 per 10 gram in a business turnover of 435 lots.
Amid Pakistan Prime Minister Imran Khan's war threat against India after the abrogation of Article 370 in Jammu and Kashmir, the Gold price has reached a record high of Rs 90,000 per tola (just above 10 gram) in Pakistan on Friday. Gold rates in several cities of Pakistan, including Karachi, Lahore, Rawalpindi, Peshawar reached record high, according to UrduPoint.
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