Domestic gold at all-time high of Rs 89,450; global rate tops $2,990

Meanwhile, silver prices also rallied by Rs 1,000 to hit nearly a five-month high of Rs 1,01,200/kg. The white metal had finished at Rs 1,00,200/kg in the previous market close.

In futures trade on the Multi-Commodity Exchange, gold contracts for April delivery rallied by Rs 210 to hit a record high of Rs 86,896.

“Gold prices surged to a new record high in the domestic market, while in the international market, spot gold rallied to near-record highs buoyed by safe-haven demand and cooler-than-expected US consumer inflation data, which supported the case for further Federal Reserve monetary easing this year,” Saumil Gandhi, senior commodity analyst at HDFC Securities, said.