Gold Price Hits Record High At Rs 1,10,650 On Fed Rate Cut Hopes — Check Latest Rates

Gold prices marked a fresh record high as it crossed the Rs 1,10,000 mark with prices at Rs 1,10,650 on Tuesday. The prices were at Rs 1,09,820 per 10 gm on Monday, according to the India Bullion Association. Gold recently crossed the Rs 1,09,000 mark and since then, the yellow metal surged to over Rs 1,09,800 to hit the previous record.

Expectations of a possible rate cut from the Fed also drove the rally. The escalation of geopolitical tensions globally has pushed the demand for the yellow metal higher. Due to the volatility in trade and escalating geopolitical tensions, there is a rise in demand for the safe-haven metal, according to market and commodities expert Anuj Gupta.

"For this week, we are expecting that gold and silver may trade with positive bias on the expectation of cutting interest rates and weakness in dollar," he added.

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In New Delhi, the price stood at Rs 1,10,260 per 10 gm, and in Mumbai, it stood at Rs 1,10,450 on Tuesday.

In Bengaluru, the rate stood at Rs 1,10,540, while in Kolkata, it was Rs 1,10,310 per 10 gm. The price of the precious commodity was the highest in Chennai, trading at Rs 1,10,770 per 10 gm.

The spot gold price was trading at $3,679 an ounce, according to the World Gold Council. This is slightly lower than the fresh record of $3,685 set on Monday. The Oct. 3 futures for the yellow metal were trading flat at Rs 1,10,177, according to the Multi Commodity Exchange.

The precious metal's price rose to Rs 1,29,350 per kilogram, according to the India Bullion Association. That compared with Rs 1,28,730 per kg on Monday.

Oct. 5 futures for silver were trading higher at Rs 1,29,452 according to the Multi Commodity Exchange.