New Delhi, Aug 7 (PTI) Gold prices rallied Rs 3,600 to hit a record high of Rs 1,02,620 per 10 grams in the national capital on Thursday as investors turned to safe-haven assets after the US administration announced a 25 per cent additional tariff on Indian imports.

According to the All India Sarafa Association, the precious metal of 99.9 per cent purity had closed at Rs 99,020 per 10 grams on Wednesday.

In the national capital, gold of 99.5 per cent purity rallied by Rs 3,600 to hit a lifetime high of Rs 1,02,200 per 10 grams (inclusive of all taxes) on Thursday. It had settled at Rs 98,600 per 10 grams in the previous market close.

"Gold prices have risen to the upper end of the weekly range on Thursday, driven by renewed trade concerns that have increased demand for traditional safe-haven assets.

"Additionally, the US administration imposed an additional 25 per cent tariff on Indian imports, intensifying the trade tensions between the two economies," Saumil Gandhi, Senior Analyst, Commodities at HDFC Securities, said.

Also, silver prices jumped Rs 1,500 to Rs 1,14,000 per kilogram (inclusive of all taxes) on Thursday. The white metal had ended at Rs 1,12,500 per kg on Wednesday, according to the association.

On the MCX, the most traded precious metal futures for October contracts climbed Rs 893 or 0.88 per cent to hit a fresh peak of Rs 1,02,155 per 10 grams, during the day.

Subsequently, the December contracts appreciated by Rs 880 or 0.86 per cent to hit a lifetime high of Rs 1,03,047 per 10 grams on the bourse.

In addition, silver contracts for September delivery increased Rs 1,503 or 1.32 per cent to Rs 1,15,158 per kilogram on the Multi Commodity Exchange (MCX).

Meanwhile, spot gold rose by USD 9.76 or 0.29 per cent to USD 3,379.15 per ounce in New York.

"Gold traded positive as the precious metal in the international market remained firm above the USD 3,375 level, supported by dollar index weakness below 98.

"With limited impactful data lined up this week, focus remains on global trade tariffs and fresh Russian sanctions -- both contributing to elevated gold prices," Jateen Trivedi, VP Research Analyst, Commodity and Currency at LKP Securities, said.

Spot silver was trading at USD 38.34 per ounce, up 1.37 per cent in the overseas market.

"The US President Donald Trump is threatening 100 per cent tariffs on chip imports, and trade tensions are positive for the yellow metal. In addition, President Trump is likely to announce the next Fed Chair this week," Praveen Singh, Associate VP, Fundamental Currencies and Commodities, Mirae Asset Share Khan, said.

The incoming Fed Chair is expected to be more inclined towards interest rate cuts, Singh added.

According to Kaynat Chainwala, AVP- Commodity Research, Kotak Securities, traders remain cautious ahead of US jobless claims data to be released later in the day, which will provide more insights on the interest rate cycle and the trajectory of the bullion prices in the near term. PTI HG HG BAL BAL

Additional tariff on imports sparks safe haven demand, pushing gold prices to record highs and elevating silver and futures activity. The US administration's announcement of an additional 25 per cent tariff on Indian imports and related tariff threats elevated trade tensions, prompting investors to shift into safe haven assets and driving domestic and international gold and silver prices to lifetime highs; futures contracts on the domestic bourse and spot benchmarks in New York rose amid dollar weakness and heightened volatility, with market participants also attentive to sanctions news and impending US economic and monetary policy developments.