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

Gold prices held steady at Rs 109,420 per 10 gm on Friday, according to the India Bullion Association, compared to Rs 109,420 on Thursday. 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 a 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 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 1,09,030 per 10 gm, and in Mumbai, it stood at Rs 1,09,220 on Friday.

In Bengaluru, the rate stood at Rs 1,09,300, while in Kolkata, it was Rs 1,09,070 per 10 gm. The price of the precious commodity was the highest in Chennai, trading at Rs 1,09,530 per 10 gm.

The spot gold price was trading flat at $3,635 an ounce, according to the World Gold Council, hovering near the previous high. Oct. 3 futures for the yellow metal were trading flat at Rs 1,08,979, according to the Multi Commodity Exchange.

The precious metal's price rose to Rs 1,26,810 per kilogram on the India Bullion Association. This compares to Rs 1,25,100 on Thursday.

Sept. 5 futures for silver were trading 0.01% higher at Rs 1,26,951, according to the Multi Commodity Exchange.