New Delhi, Aug 29: Gold prices rallied Rs 2,100 to hit a fresh all-time high of Rs 1,03,670 per 10 grams in the national capital on Friday due to persistent buying by stockists and depreciation in rupee, according to the All India Sarafa Association.

The precious metal of 99.9 per cent purity had closed at Rs 1,01,570 per 10 grams on Thursday.

Continuing the upside momentum for the fourth straight session, gold of 99.5 per cent purity surged Rs 2,100 to hit a new lifetime high of Rs 1,03,100 per 10 grams (inclusive of all taxes) on Friday, a day after settling at Rs 1,01,000 per 10 grams.

Gold of 99.9 and 99.5 per cent purity had recorded their lifetime highs of Rs 1,03,420 and Rs 1,03,000 per 10 grams, respectively, on August 8 when the prices went up by Rs 800 per 10 grams. This was on the heels of a steep gain of Rs 3,600 per 10 gram in the preceding session on August 7.

“Gold prices witnessed a sharp gain and surged to a new record high in the domestic markets, led by a weaker rupee and a positive trend in the overseas market.

“The Indian rupee hit an all-time low, raising concerns about the impact of 50 per cent US tariffs on the country’s GDP,” Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said.

On Friday, the rupee breached the 88-mark for the first time and closed at an all-time low of 88.19 (provisional) against the US dollar, registering a sharp decline of 61 paise amid heightened concerns over a trade deal between India and the US.

During the week, the precious metal prices have increased by Rs 3,300 or 3.29 per cent.

Meanwhile, silver prices retreated from its all-time high level and declined Rs 1,000 to Rs 1,19,000 per kilogram (inclusive of all taxes) on Friday. The white metal had finished at Rs 1,20,000 per kg on Thursday.

In futures trade, the most-traded gold contract for October delivery climbed Rs 713 or 0.70 per cent to hit a fresh peak of Rs 1,02,813 per 10 grams on the Multi Commodity Exchange (MCX).

Subsequently, the precious metal for December delivery appreciated by Rs 702 or 0.68 per cent to hit a fresh all-time high of Rs 1,03,849 per 10 grams.

“Gold after a brief decline earlier this month is now trading higher on Friday, while silver hit an all-time high clearly showing the white metal’s consistent outperformance in recent weeks.

“Heightened political uncertainty over the possible dismissal of the Fed Governor and the announcement of steep tariffs on Indian products came into effect sparked safe-haven buying, pushing bullion higher amid concerns about trade tensions and global growth,” said Trivesh D, Chief Operating Officer of brokerage firm Tradejini.

Additionally, the most-traded silver futures contract for September delivery increased Rs 651 to hit an all-time high of Rs 1,17,825 per kilogram.

The white metal futures for December contract also rallied Rs 641 or 0.54 per cent to hit a fresh peak of Rs 1,19,285 per kg on the MCX.

“The industrial demand for silver makes it even better, but gold is still a good hedge against uncertainty. In the last five years, both metals continued to make new records every year, underlining their role in volatile markets,” Trivesh D said.

In the overseas markets, spot gold was trading flat at USD 3,407.39 per ounce in New York.

“Gold prices rose after safe-haven demand on concerns that political pressure on the Federal Reserve could accelerate interest rate cuts,” Renisha Chainani, Head – Research at Augmont, said.

Spot silver went down by 0.52 per cent to trade at USD 38.84 per ounce.

Trivesh D further said, “Silver is currently trading near a resistance of USD 39.60 per per ounce, and if this level is breached, it could move towards USD 44 per ounce, implying close to a 12 per cent appreciation from current levels.”

Srinagar, Aug 29: The prolonged closure of the Srinagar-Jammu Highway has dealt a severe blow to Kashmir’s apple and mutton industries, leaving over scores of trucks stranded at different stretches of the route.

At Qazigund, scores of fruit-laden trucks are stuck, while many more are stranded between Qazigund and Khanbal in Anantnag district. Trucks carrying other essential commodities are also reported to be halted at Kathua, worsening the crisis.

Zahoor Ahmad Bhat, president of the Apple Farmers Federation of Kashmir, said that growers are deeply distressed as high-density apple consignments, which have a shorter shelf life compared to the delicious variety, remain stuck for days. “Fruit growers and traders in Kashmir who harvested their high-density apple crop are worried as trucks are stranded on the highway. The Mughal Road is also uncertain for smooth heavy truckloads. This variety of apple is perishable, and its storage life is also less. We expect the government to restore the highway as early as possible for smooth transportation of the apple,” he said.

Apart from fruit, the highway closure has also hampered the supply of mutton to the Valley, leading to concerns among traders over possible shortages if the route remains blocked.Jammu & Kashmir tourism packages

Authorities have assured that efforts are underway to restore traffic, but with continuous landslides and weather disruptions, no clear timeline has been given. [KNT]