New Delhi, Sep 2 (PTI) Gold price stayed firm for the seventh consecutive session and added Rs 400 to hit a fresh peak of Rs 1,06,070 per 10 grams in the national capital on Tuesday amid unabated chase for safe-haven assets triggered by sweeping US tariffs and tumbling rupee against American currency.

According to the All India Sarafa Association, the precious metal of 99.9 per cent purity had settled at Rs 1,05,670 per 10 grams on Monday.

The price of gold of 99.5 per cent purity also increased Rs 400 to hit a new record of Rs 1,05,200 per 10 grams (inclusive of all taxes) on Tuesday. It had settled at Rs 1,04,800 per 10 grams in the previous market session.

The yellow metal has added Rs 5,900 per 10 grams in the past seven sessions. Gold prices have risen 34.35 per cent in the current calendar year, climbing from Rs 78,950 per 10 grams on December 31, 2024.

Renisha Chainani, Head of Research at Augmont, said, "Gold prices gained to hit record highs on Tuesday after a US appeals court last week upheld a decision that the White House's so-called reciprocal tariffs were unlawful." The court said the tariffs could remain in place until mid-October, however, President Donald Trump criticised the decision and said he would challenge the ruling in the Supreme Court.

According to commodities market experts, this development sparked increased uncertainty over the economic impact of US tariffs, a bulk of which took effect in August. Any ruling against the tariffs will also force Washington to negotiate recent deals with major trading partners.

Meanwhile, silver prices rose Rs 100 to hit yet another record high of Rs 1,26,100 per kilogram (inclusive of all taxes) on Tuesday.

The white metal had ended at Rs 1,26,000 per kg on Monday, as per the Sarafa Association.

In the past three sessions, the white metal prices rallied Rs 7,100 per kg. During this year so far, silver has outperformed gold. The white metal has jumped 40.58 per cent since the level of Rs 89,700 per kilogram at the end of December 2024.

Traders said the deteriorating value of the rupee and rising geopolitical tensions have made bullion more attractive as a safe-haven asset.

On Tuesday, rupee depreciated 8 paise to close at an all-time low of 88.18 against the US dollar, as Indo-US trade deal uncertainty and weak domestic equity markets pressurised the local unit.

In the international market, spot gold prices retreated from all-time high levels to trade at USD 3,477.41 per ounce in New York. During intraday, the yellow metal jumped to hit a record high of USD 3,508.54 per ounce.

"Spot gold prices hit a record high of USD 3,508 per ounce amid concerns over the US Federal Reserve's independence, rising expectations of interest rate cuts, and ongoing tariff-related uncertainty, all of which boosted safe-haven demand," Deveya Gaglani, Senior Research Analyst - Commodities, Axis Securities, said.

However, spot silver declined 1.08 per cent to trade at USD 40.29 per ounce. Analysts attributed the sharp fall in silver prices to sudden profit-booking by short-term investors.

"Silver extended its remarkable rally, surging past USD 40 per ounce for the first time since 2011, with spot prices reaching as high as USD 41.24 per ounce on Monday, before settling near USD 39.71 per ounce.

"The white metal had climbed further on Tuesday towards the USD 40.85 level, its strongest level in over a decade," said Riya Singh, Research Analyst, Commodities and Currency, Emkay Global Financial Services.

Chintan Mehta, CEO, Abans Financial Services, said geopolitics also remain in focus, with signs of strengthening ties between India, Russia, and China, which could weigh on US influence and the dollar, favouring bullion prices in the process.

"Investors are now awaiting the upcoming US macroeconomic data including job openings, ADP employment, and non-farm payrolls, for fresh cues on the Federal Reserve's monetary policy path," Mehta added. PTI HG HVA