Gold prices edged close to the Rs 1,10,000 mark with prices at Rs 1,09,800 on Saturday. The prices were at Rs 109,420 per 10 gm on Friday, according to the India Bullion Association. The prices recently crossed the Rs 1,09,000 mark and since then, the yellow metal surged to over Rs 1,09,400 to hit a the previous record.
The escalation of tensions on a global scale has pushed demand for the yellow metal higher. The rally is also driven by expectations of a possible rate cut from the Fed.
Due to the volatility in trade, geopolitical stances, and escalating tensions, there is a rise in 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 1,09,410 per 10 gm, and in Mumbai, it stood at Rs 1,09,600 on Saturday.
In Bengaluru, the rate stood at Rs 1,09,690, while in Kolkata, it was Rs 1,09,460 per 10 gm. The price of the precious commodity was the highest in Chennai, trading at Rs 1,09,920 per 10 gm.
The spot gold price was trading flat at $3,643 an ounce, according to the World Gold Council, hovering near the previous high. Oct. 3 futures for the yellow metal were trading higher at Rs 1,09,356, according to the Multi Commodity Exchange.
Silver Price
The precious metal's price rose to Rs 1,28,710 per kilogram on the India Bullion Association. This compares to Rs 1,26,810 on Friday.
Sept. 5 futures for silver were trading 0.01% higher at Rs 1,28,848, according to the Multi Commodity Exchange.
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