New Delhi: Gold rallies Rs 1,400 to touch life-time high, crosses Rs 60,000-mark

Gold price reached its lifetime high of Rs 60,100 per 10 grams in New Delhi on Monday (March 20), amid the American banking crisis, according to HDFC Securities. The price of the precious metal rallied Rs 1,400 as it ended at Rs 58,700 per 10 grams in the previous trade. 

As quoted by news agency PTI, Saumil Gandhi, who is a Senior Analyst - Commodities at HDFC Securities, said: "Spot gold prices in the Delhi markets traded at Rs 60,100 per 10 grams, up Rs 1,400 per 10 grams." 

Meanwhile, silver also zoomed Rs 1,860 to Rs 69,340 per kilogramme and both gold and silver were trading higher at USD 2,005 per ounce and USD 22.55 per ounce, respectively in the overseas markets. 

As quoted, Gandhi said that the Comex Gold prices traded higher in Asian trading hours on Monday. According to the analyst, the price rose to a fresh 52-week high of USD 2,005 per ounce. 

Navneet Damani, Senior VP - of Commodity Research at Motilal Oswal Financial Services, said: "Bullions continue surge, with gold on domestic front hitting a new life-time high of over Rs 60,000, as a wave of banking crises shook global markets and put bullion on track for its biggest weekly rise in three years, while bets solidified for a less aggressive Fed in its fight against inflation." 

The recent collapse of two American banks—Signature Bank and Silicon Valley Bank—led to global economic turmoil. As quoted by Economic Times, Manoj Kumar Jain, Prithvifinmart Commodity Research, said: "The US Fed is scheduled to meet this week and their policy outcomes in light of the banking crisis and mixed US economic indicators could give more direction to bullion markets." 

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