- Gold prices reached a record Rs 1,09,440 per 10 gm on Wednesday, up from Rs 1,08,900
- Global tensions around Qatar and Israel increased safe haven demand for gold
- Gold prices in Indian cities ranged from Rs 1,09,060 in Delhi to Rs 1,09,560 in Chennai
Gold prices extended its rally to hit a new record high at Rs 1,09,440 per 10 gm on Wednesday, according to the India Bullion Association, compared to Rs 1,08,900 on Tuesday. The prices recently crossed the Rs 1,08,000-mark, since then, the yellow metal surged over Rs 1,400 to hit a fresh record.
The escalation tensions on the global scale around Qatar and Israel has pushed safe haven demand of the yellow metal higher. The rally is also driven by a possible rate cut from the Fed.
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 1,09,060 per 10 gm, and in Mumbai, it stood at Rs 1,09,240 on Wednesday.
In Bengaluru, the rate stood at Rs 1,09,330, while in Kolkata, it was Rs 1,09,100 per 10 gm. The price of the precious commodity was the highest in Chennai, trading at Rs 1,09,560 per 10 gm.
The spot gold price was trading higher at $3,633 an ounce, according to the World Gold Council, hovering near the previous high. Oct. 3 futures for the yellow metal were trading 0.01% lower at Rs 1,09,025, according to the Multi Commodity Exchange.
Silver Price
The precious metal's price rose to Rs 1,24,250 per kilogram on the India Bullion Association. This compares to Rs 1,25,250 on Tuesday.
Sept. 5 futures for silver were trading 0.05% lower at Rs 1,24,400, according to the Multi Commodity Exchange.
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