Gold prices in India hit record highs, and have surged to Rs 138,210, with silver also witnessing a sharp uptick at Rs 219,990 on Wednesday, according to the India Bullion Association.
Meanwhile, spot gold saw sustained growth, crossing the $4,500 mark on Tuesday, building on three days of gains, with bullion hovering near $4,517.98 an ounce today.
The rally is buoyed on escalating tensions in Venezuela and expectations for more US rate cuts. Silver and platinum have also advanced to all-time peaks.
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Bloomberg also reported that heightened tensions in Venezuela, where U.S. sanctions have blocked oil shipments, have strengthened gold's status as a safe-haven asset. Investors are also wagering that the Federal Reserve, after three consecutive rate cuts, will ease borrowing costs again next year—a move that typically supports non-yielding assets like precious metals.
Gold Price Today: Delhi, Mumbai, Chennai Prices
In New Delhi, the price stood at Rs 137,720 per 10 gm, and in Mumbai, it stood at Rs 137,960 on Wednesday.
In Bengaluru, the rate stood at Rs 138,060, while in Kolkata, it was Rs 137,770 per 10 gm. The price of the precious commodity in Chennai was the highest at Rs 138,360 per 10 gm.
The three-month forward prices for the yellow metal are higher at $4,550.50.
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The precious metal's price traded at Rs 219,990 per kilogram on Dec. 24, according to the India Bullion Association.
The three-month forward prices for the white metal were also trading higher at $72.33, and spot silver also marginal gains at $72.04.
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