Gold, Silver Prices Spike — Check Rates In Delhi, Mumbai And Other Cities

Gold prices in India was trading flat at Rs 1,30,300 and silver gained at Rs 1,87,880 on Wednesday, according to the India Bullion Association. Moreover, silver in the spot market gained to trade at $61.18.

Meanwhile, Spot gold price rose on Wednesday to trade around $4,213 an ounce. Despite the pull back from record high last month gold remains on course for its strongest annual gain since 1979, having reached a series of record highs before retreating last month. US rate cuts have underpinned prices, which have also been buoyed by inflows into bullion-backed exchange-traded funds and sustained central bank buying.

In New Delhi, the price stood at Rs 1,29,840, per 10 gm, and in Mumbai, it stood at Rs 1,30,070 on Wednesday.

In Bengaluru, the rate stood at Rs 1,30,170, while in Kolkata, it was Rs 1,29,890 per 10 gm. The price of the precious commodity in Chennai was the highest at Rs 1,30,450 per 10 gm.

The Feb. 5 futures fell to Rs 1,30,160 according to the Multi-Commodity Exchange. The spot prices of the yellow metal were $4,213 on Wednesday, according to Bloomberg.

The precious metal's price rose on Wednesday and was trading at Rs 1,87,880 per kilogram on Dec. 10, according to the India Bullion Association. The metal had hit a record high last week after a trading outage on the Chicago Mercantile Exchange due a data-center fault adding to the ongoing supply shortage.

March 5 futures for silver were trading lower at Rs 1,88,100, according to the Multi-Commodity Exchange, while Spot silver was up 0.81% at $61.18 maintaining the gains of the previous session.