The gold price in India declined a little from the all-time high level of 96,450 on Wednesday, as they were trading Rs 3,000 lower at Rs 93,650 as of 06:52 a.m. on April 16, according to the India Bullion Association.
On Tuesday gold prices of 99.5% purity revisited the all-time high of Rs 96,450 per 10 grams in the national capital during the noon.
Rates in New Delhi were hovering around Rs 93,320 per 10 grams, according to the association. The price in Mumbai was marginally higher than New Delhi's rate at Rs 93,480. In Kolkata, the rate rose to Rs 93,350. While in Bengaluru, the rate was at 93,550. With the price at Rs 93,750, Chennai continued to see the highest rate in the country.
The futures prices for the yellow metal on the Multi Commodity Exchange were higher, as it surged 0.04% to trade at Rs 93,493 for the June 5 futures.
Earlier on Tuesday, Goldman Sachs and UBS raised their year-end gold price forecasts, signalling stronger expectations for the precious metal as global economic uncertainties persist.
Gold Rates Today
Global spot gold prices rose 1.06% to $3,260, according to the World Gold Council. The price of the yellow metal crossed $3,000 an ounce for the first time ever on March 14, driven higher by a central bank buying spree and economic fragility worldwide.
This comes after US President Donald Trump's tariffs pushed global markets down to Covid-19 levels, but markets later recovered after Trump paused tariffs for 90 days on non-retaliating countries.
Silver Rates Today
Silver price also declined a little to trade at Rs 95,190 after it crossed the Rs 1 lakh mark multiple times in the past couple of months, according to the India Bullion Association. Strong industrial demand for silver, fuelled by its importance in renewable energy technologies and electronics, has been driving the surge.
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