Gold Price Hovers Near Rs 1,10,000 Mark — Check Rates In Delhi, Mumbai, Chennai, Other Cities

Gold prices extended their rally to hit a new record high at Rs 109,420 per 10 gm on Thursday, according to the India Bullion Association, compared to Rs 1,09,440 on Wednesday. The prices recently crossed the Rs 1,08,000-mark, since then, the yellow metal surged over Rs 1,09,400 to hit a fresh record.

The escalation of tensions on the global scale has pushed safe haven demand of the yellow metal higher. The rally is also driven by a possible rate cut from the Fed.

Due to the volatility in trade, geopolitical stances and escalating tensions, there is a rise in the demand for the safe haven metal, according to market and commodities expert Anuj Gupta. Gold futures have also hit a fresh record high.

In New Delhi, the price stood at Rs 1,09,040 per 10 gm, and in Mumbai, it stood at Rs 1,09,230 on Thursday.

In Bengaluru, the rate stood at Rs 1,09,310, while in Kolkata, it was Rs 1,09,080 per 10 gm. The price of the precious commodity was the highest in Chennai, trading at Rs 1,09,540 per 10 gm.

The spot gold price was trading higher at $3,636 an ounce, according to the World Gold Council, hovering near the previous high. Oct. 3 futures for the yellow metal were trading 0.01% lower at Rs 1,08,997, according to the Multi Commodity Exchange.

The precious metal's price rose to Rs 1,25,100 per kilogram on the India Bullion Association. This compares to Rs 1,24,250 on Wednesday.

Sept. 5 futures for silver were trading 0.05% higher at Rs 1,25,248, according to the Multi Commodity Exchange.