Gold prices hit a fresh record extending its seven day rally into fresh highs crossing the Rs 1,06,000-mark. The rally driven by the escalating trade tensions on a global scale is also due to the weak Rupee. The yellow metal was trading at a fresh record high of at Rs 1,06,200 per 10 gm, according to the India Bullions Association compared to Rs 1,05,140 on Tuesday.
The prices had soared higher on the back of global trade uncertainty Further, domestically, the weakening of the local currency has fueled safe haven demand of the yellow metal.
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Over the past year, the highest price that the yellow metal had soared to was Rs 1,03,910, seen on Aug. 31, before the prices settled higher today. The price of the commodity went as low as Rs 74,240 on Nov. 15.
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Gold Prices In Delhi, Mumbai, Bangalore, Chennai
In New Delhi, the price stood at Rs 1,05,820 per 10 gm and in Mumbai it stood at Rs 1,06,000 on Tuesday. In Bengaluru, the rate stood at Rs 1,06,090, while in Kolkata, it was Rs 1,05,860 per 10 gm. The price of the precious commodity was the highest in Chennai, trading at Rs 1,06,310 per 10 gm.
The spot gold price was trading at record high at $3,542 an ounce, according to the World Gold Council. Oct. 3 futures for the yellow metal were trading 0.02% higher at Rs 1,05,850, according to the Multi Commodity Exchange.
Silver Prices
The precious metal's price was at Rs 1,24,430 per kilogram on the India Bullion Association. Sept. 5 futures for silver were trading 0.05% higher at Rs 1,24,665, according to the Multi Commodity Exchange.
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