Gold prices surge: Continuing their upward trajectory, gold and silver prices rallied for the fourth consecutive session, reaching fresh peaks on Friday. Gold surged sharply by Rs 1,050 to breach the Rs 73,000 per 10 grams level, hitting a lifetime high of Rs 73,350 per 10 grams in Delhi, according to HDFC Securities. The yellow metal had closed at Rs 72,300 per 10 grams in the previous session.

Similarly, silver prices soared by Rs 1,400 to establish a new record of Rs 86,300 per kg.

"Spot gold prices in the Delhi markets are trading at a record high of Rs 73,350 per 10 grams, up by Rs 1,050, taking positive cues from overseas markets," noted Saumil Gandhi, Senior Commodities Analyst at HDFC Securities.

Commodity markets had a partial closure on Thursday due to Eid-Ul-Fitr celebrations.

In global markets, spot gold at Comex traded at Rs 2,388 per ounce, up Rs 48 from the previous closing level. The surge in precious metals was attributed to safe-haven demand amid heightened tensions in the Middle East and the potential for Iran to retaliate against an Israeli strike on its embassy in Syria, Gandhi explained.

Additionally, silver was trading higher at Rs 28.95 per ounce, compared to the previous session's Rs 28.05 per ounce.

Meanwhile, in futures trading on the MCX, gold climbed to an all-time high of Rs 72,828 per 10 grams during intra-day trading. The most-traded June contract of gold was trading at Rs 72,681 per 10 grams, up by Rs 1,037 or 1.45 per cent.

Looking ahead, Praveen Singh, Associate VP of Fundamental Currencies and Commodities at Sharekhan by BNP Paribas, highlighted upcoming macroeconomic data releases from the UK, Germany, and China, which will influence gold prices. Singh also noted the European Central Bank's indication of a potential interest rate cut in June, citing growing confidence in cooling inflation as a contributing factor.

(With Reuters inputs)