silver staged a sharp rebound with a jump of `4,000 to hit an all-time high of `1,32,000 per kg

Gold and silver prices hit fresh peaks on Friday, with the yellow metal hitting Rs 1,13,800 per 10 grams, and silver crossing Rs 1,32,000 per kilogram in the national capital, buoyed by strong global demand and heightened expectations of an interest rate cut by the US Federal Reserve next week.

According to the All India Sarafa Association, the precious metal of 99.9 per cent purity extended gains for the fourth straight session by jumping Rs 700 to hit a record high of Rs 1,13,800 per 10 grams (inclusive of all taxes).

It had closed at Rs 1,13,100 per 10 grams in the previous market session.

The yellow metal prices have added Rs 34,850 per 10 grams or 44.14 per cent in the current calendar year, climbing from Rs 78,950 per 10 grams on December 31, 2024.

"The rally in precious metal prices is driven by recent US macroeconomic data that heightened expectations of multiple interest rate cuts by the Federal Reserve before the end of 2025, which encouraged buying activity in bullion," said Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities.

Meanwhile, silver staged a sharp rebound, snapping its two-day losing streak with a jump of Rs 4,000 to hit an all-time high of Rs 1,32,000 per kilogram.

"Further, the silver rally benefited from a positive trend in industrial metals and a strong inflow from exchange-traded funds," Gandhi added.