Gold Futures Surge: Prices Climb to Rs 88,710 per 10g

New Delhi, Mar 28 (PTI) Gold prices on Friday jumped by Rs 326 to Rs 88,710 per 10 grams in futures trade, driven by firm spot demand.

On the Multi Commodity Exchange, gold contracts for April delivery extended its rally for the fifth straight day, rising by Rs 326 or 0.37 per cent to Rs 88,710 per 10 grams in a business turnover of 2,814 lots.

In international markets, gold futures continued to gain ground for the second day by hitting another fresh peak of USD 3,124.40 per ounce. Later, it pared its gains and was trading at USD 3,111.10 per ounce.

"With the US imposing a steep 25 per cent tariff on automobile imports, concerns over reciprocal tariffs from other nations intensified, fuelling safe-haven buying," Rahul Kalantri, VP Commodities at Mehta Equities Ltd, said.

Global equities struggled, adding to the bullish momentum in bullion. Despite, mixed US macroeconomic data, including GDP slightly exceeding expectations but jobless claims rising, the uncertainty surrounding trade policies could keep precious metals in demand, Kalantri added.