PTI New Delhi

Gold prices surged by Rs 6,250 to hit a record high of Rs 96,450 per 10 grams in the national capital on Friday due to heavy demand from local jewellers and retailers, according to the All India Sarafa Association.

Analysts said the precious metal hitting lifetime high levels in the international markets on strong safe-haven demand amid escalating US-China trade tensions boosted the domestic prices. On Wednesday, the yellow metal of 99.9 per cent purity had closed at Rs 90,200 per 10 grams.

Rebounding after four days of sharp fall, gold of 99.5 per cent purity surged by Rs 6,250 to touch an all-time high of Rs 96,000 per 10 grams against the previous close of Rs 89,750 per 10 grams. Silver prices also registered a steep rise of Rs 2,300 to Rs 95,500 per kg, largely in tandem with global trends. The white metal had closed at Rs 93,200 per kg in the previous market close. 

Meanwhile, gold futures for June delivery climbed by Rs 1,703 to hit yet another lifetime high of Rs 93,736 per 10 grams on the Multi Commodity Exchange. "Gold extended its record-setting rally...to hit fresh lifetime highs near Rs 93,500 on MCX, defying rupee strength as geopolitical tensions and tariff battles between the US and China escalated further," Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities, said.