Gold Extends Rally To Hit Record High — Check Rates In Delhi, Mumbai, Chennai, Other Cities
Gold Price: The rally is driven by a possible rate cut from the Fed, weakening in the dollar and the escalating tensions on the global scale.
Gold prices extended its rally to hit a new record high at Rs 1,08,900 per 10 gm on Tuesday, according to the India Bullion Association, compared to Rs 1,08,140 on Monday. The prices recently crossed the Rs 1,08,000-mark, hitting a fresh record.
The rally is driven by a possible rate cut from the Fed, weakening in the dollar and the escalating tensions on the global scale.
Due to the volatility in trade, geopolitical stances and escalating tensions, there is a rise in the demand for the safe haven metal, according to market and commodities expert Anuj Gupta. Gold futures have also hit a fresh record high.
Gold Prices In Delhi, Mumbai, Bangalore, Chennai
In New Delhi, the price stood at Rs 1,08,520 per 10 gm, and in Mumbai, it stood at Rs 1,08,700 on Tuesday.
In Bengaluru, the rate stood at Rs 1,08,790, while in Kolkata, it was Rs 1,08,560 per 10 gm. The price of the precious commodity was the highest in Chennai, trading at Rs 1,09,020 per 10 gm.
The spot gold price was trading higher at $3,644 an ounce, according to the World Gold Council, also marking a new high. Oct. 3 futures for the yellow metal were trading 0.02% lower at Rs 1,08,495, according to the Multi Commodity Exchange.
Silver Prices
The precious metal's price rose to Rs 1,25,250 per kilogram on the India Bullion Association. This compares to Rs 1,24,540 on Monday.
Sept. 5 futures for silver were trading 0.14% lower at Rs 1,25,412, according to the Multi Commodity Exchange.
