Gold price in India was higher at Rs 88,980 per 10 grams as of 7:25 a.m. on March 20, according to the India Bullion Association.
The rates in New Delhi stood at Rs 88,660 per 10 grams, according to the association. The price in Mumbai was higher at Rs 88,820. In Kolkata, the rate stood lower at Rs 88,700. While in Bengaluru, the rate crossed Rs 88,890. With the price at Rs 89,070, Chennai continued to see the highest rate in the country.
Gold prices advanced Rs 700 to reach a new record high of Rs 91,950 in Delhi on Wednesday, with continued buying by jewellers ahead of wedding season. The rise is also on the back of increased tensions in the Middle East and concerns about the US economic slowdown have kept the demand for safe-haven assets intact.
Global Rates Today
Global spot gold prices were at a record high of $3,054, according to the World Gold Council. Gold price 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.
The rates were higher, steady above $3,050, as the US Federal Reserve kept rates unchanged and signalled only two rate cuts this year.
This is in line with their December projections, while acknowledging increased uncertainty in the economic outlook. The Fed remains prepared to adjust policy if risks emerge that could impede its goals, as trade tensions rise under President Donald Trump's administration.
Silver Rates
Silver price stood at Rs 1,00,140 as of 7:25 a.m., 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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