Gold futures hit fresh peak of Rs 84,594/10g

New Delhi, Feb 5 (PTI) Gold prices on Wednesday touched an all-time high of Rs 84,594 per 10 grams in futures trade in line with firm global trends.

On the Multi Commodity Exchange, yellow metal contracts for April delivery hit a record high of Rs 84,594 per 10 grams in early trade. Later, the contracts pared some gains to trade Rs 755 or 0.9 per cent higher at Rs 84,552 per 10 grams with an open interest of 17,516 lots.

According to analysts, gold reached fresh all-time highs as fears of the US-China trade war boosted safe-haven buying.

Globally, gold futures increased 0.70 per cent to hit a lifetime high of USD 2,895.91 per ounce in New York.

“Escalating trade tensions between the two largest economies coupled with geopolitical concerns in Gaza weighed on market sentiments and provided a further boost to the yellow metal,” said Kaynat Chainwala, AVP-Commodity Research at Kotak Securities.