Why Gold Price Is Rising — Check Rates In Delhi, Mumbai, Chennai, Other Cities

Gold prices hit a fresh record extending its eight day rally into fresh highs crossing the Rs 1,07,000-mark. The rally driven by the escalating trade tensions on the global scale and also the weakening Rupee.

The yellow metal was trading at a fresh record high of at Rs 1,07,550 per 10 gm, according to the India Bullions Association compared to Rs 1,06,200 on Wednesday.

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.

According to a Kedia Advisory Report on Bullion, the bullish sentiment for gold has been boosted by the rising expectations of a September rate cut by the US Federal Reserve.

With traders pricing in an 86% chance of a 25 basis points cut, the outlook for the yellow metal remains positive. The report notes that gold has key resistance at Rs 1,06,400 to Rs 1,08,000, while a strong support level is established at Rs 1,02,000.

Gold Prices In Delhi, Mumbai, Bangalore, Chenna

In New Delhi, the price stood at Rs 1,07,170 per 10 gm and in Mumbai it stood at Rs 1,07,350 on Thursday. In Bengaluru, the rate stood at Rs 1,07,440, while in Kolkata, it was Rs 1,07,210 per 10 gm. The price of the precious commodity was the highest in Chennai, trading at Rs 1,07,670 per 10 gm.

The spot gold price was trading at record high at $3,546 an ounce, according to the World Gold Council. Oct. 3 futures for the yellow metal were trading 1.32% higher at Rs 1,07,190, according to the Multi Commodity Exchange.

Silver Prices

The precious metal's price was at Rs 1,25,520 per kilogram on the India Bullion Association. Sept. 5 futures for silver were trading 0.11% higher at Rs 1,25,735, according to the Multi Commodity Exchange.

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