PTC Web Desk: Gold prices surged sharply in the national capital on Monday, climbing by Rs 9,700 to reach a new all-time high of Rs 1,30,300 per 10 gm, driven by strong global safe-haven demand and a weakening rupee.

According to the All India Sarafa Association, gold with 99.9% purity, which had settled at Rs 1,20,600 per 10 gm on Friday, witnessed a substantial rise following a rally in international markets and increased investor buying.

In the local bullion market, gold of 99.5% purity also recorded a sharp gain of Rs 2,700, reaching Rs 1,22,700 per 10 gram (including all taxes), marking another record high. In the previous session, it had closed at Rs 1,20,000 per 10 gram.

Silver prices followed suit, witnessing a major jump of Rs 7,400 to reach Rs 1,57,400 per kg, compared to Rs 1,50,000 per kg on Friday.

In global markets, spot gold climbed nearly 2%, hitting an all-time high of $3,949.58 per ounce, while silver advanced over 1% to $48.75 per ounce, supported by renewed investor interest in precious metals amid geopolitical and economic uncertainties.

Experts attribute the surge to safe-haven buying, rupee depreciation, and firm international cues, suggesting that bullion may continue its upward trajectory if global volatility persists.