Gold Price Steady At Rs 1,10,000 Ahead Of US Fed Meet — Check Rates In Delhi, Chennai, Other Cities

Gold prices held steady ahead of the US Federal Reserve meeting today after hitting a fresh record high of Rs 1,10,650 on Tuesday. The prices were at Rs 1,10,620 per 10 gm on Wednesday, according to the India Bullion Association.

Gold recently crossed the Rs 1,10,000 mark on Sept. 15, as the expectations of a possible rate cut from the Fed drove the rally. The escalation of geopolitical tensions globally has pushed the demand for the yellow metal higher.

Anuj Gupta, a market and commodities expert, points to the escalation of geopolitical tensions as another major factor. The volatility in global trade and rising geopolitical risks have pushed demand for safe-haven assets higher.

Experts advise caution for new buyers despite the bullish sentiment. Amit Gupta from Kedia Advisory warns that the current risk-reward ratio is unfavourable, as prices have already surged by nearly 50% year-on-year. He suggests that a correction of 5% to 7% is a possibility.

In New Delhi, the price stood at Rs 1,10,230 per 10 gm, and in Mumbai, it stood at Rs 1,10,420 on Wednesday.

In Bengaluru, the rate stood at Rs 1,10,510, while in Kolkata, it was Rs 1,10,280 per 10 gm. The price of the precious commodity was the highest in Chennai, trading at Rs 1,10,740 per 10 gm.

The spot gold price was trading at $3,691 an ounce, according to the World Gold Council. This is slightly lower than the fresh record of $3,703 set on Tuesday. The Oct. 3 futures for the yellow metal were trading 0.04% lower at Rs 1,10,138, according to the Multi Commodity Exchange.

The precious metal's price rose to Rs 1,28,640 per kilogram, according to the India Bullion Association. That is compared with Rs 1,29,350 per kg on Tuesday.

Oct. 5 futures for silver were trading higher at Rs 1,28,722according to the Multi Commodity Exchange.