Gold Price Hits New High Ahead Of RBI MPC Decision — Check Rates In Delhi, Mumbai, Other Cities

Gold prices today were trading at a new high of levels above the Rs 1,17,000 mark, ahead of the Reserve Bank of India's MPC.

The Central Bank is broadly expected to maintain the status and gold ahead of the decision has prices surged to a fresh high of Rs 1,17,350 per 10 gm, according to the India Bullion Co. The price surged by nearly Rs 1,000 compared to Rs 1,16,410 on Tuesday.

The previous high that the yellow metal hit was on Sept. 23, when the price rose to Rs 1,14,360. Gold had crossed the Rs 1,10,000 mark on Sept. 15, and the possible rate cut from the Fed had driven the rally.

Market analysts are optimistic about the long-term prospects for gold following this decision. According to Anuj Gupta, a market and commodities expert, the Fed’s action was largely anticipated is support a positive trend for the precious metal.

"As the labour market and inflation are still a cause of concern for the Fed, they want to keep an eye on the data. The trend of gold is looking positive for the longer term," Gupta stated. In the very near term, there might be some profit booking as the event passes off.

In New Delhi, the price stood at Rs 1,16,940 per 10 gm, and in Mumbai, it stood at Rs 1,17,140 on Tuesday.

In Bengaluru, the rate stood at Rs 1,17,230, while in Kolkata, it was Rs 1,16,990 per 10 gm. The price of the precious commodity was the highest in Chennai, trading at Rs 1,17,480 per 10 gm.

The Dec. 5 futures stood at Rs 1,17,300 according to the Multi-Commodity Exchange. The spot prices of the yellow metal rose to $3,867 on Wednesday, according to the World Gold Council. On Monday, the global price of the yellow metal hit a record high of $3,850, according to Bloomberg data.

The precious metal's price rose to Rs 1,42,190 per kilogram, according to the India Bullion Association. The prices stood at Rs 1,43,170 on Wednesday.

Oct. 5 futures for silver were trading lower at Rs 1,42,124, according to the Multi Commodity Exchange.