Gold hits fresh all-time high of Rs 78,450 per 10 gm on festive demand

Gold prices rose by Rs 150 to hit a fresh all-time high of Rs 78,450 per 10 grams in the national capital on Friday on increased demand from jewellers and retailers driven by the ongoing festive season.

The precious metal closed at Rs 78,300 per 10 grams on Thursday.

Silver surged Rs 1,035 to Rs 94,200 per kg from Rs 93,165 per kg in the previous session, according to the All India Sarafa Association.

Meanwhile, gold of 99.5 per cent purity climbed Rs 200 to reach an all-time high level of Rs 78,100 per 10 grams.

Bullion traders attributed the rise in precious metal prices to the emergence of buying by jewellers and retailers driven by the ongoing 'Navratri' festival.

In futures trade on the Multi Commodity Exchange (MCX), gold contracts for December delivery rose Rs 131 or 0.17 per cent to Rs 76,375 per 10 grams, hovering near an all-time high.

"Silver witnessed steady moves as participants widened their bets on a firm spot demand seen in physical markets due to the start of the