Gold Price Near Record High Driven By Festive Demand — Check Rates In Delhi, Chennai, Other Cities

Gold prices today were trading near the record high of levels above the Rs 1,13,000 mark, driven by festive demand and safe-haven demand.

In India, the prices held steady at Rs 1,13,170 per 10 gm, according to the India Bullion Association, compared to Rs 1,14,360 on Thursday. Gold prices had slipped further last week after the US Federal Reserve meeting. The commodity had hit a fresh high of $3,707.57 ahead of the meeting.

Gold had crossed the Rs 1,10,000 mark on Sept. 15, and the possible rate cut from the Fed had drove the rally. Market analysts are optimistic about the long-term prospects for gold following this decision.

According to Anuj Gupta, a market and commodities expert, the Fed’s action was largely anticipated is support a positive trend for the precious metal.

"As the labour market and inflation are still a cause of concern for the Fed, they want to keep an eye on the data. The trend of gold is looking positive for the longer term," Gupta stated. In the very near term, there might be some profit booking as the event passes off.

In New Delhi, the price stood at Rs 1,12,790 per 10 gm, and in Mumbai, it stood at Rs 1,12,980 on Friday.

In Bengaluru, the rate stood at Rs 1,13,070, while in Kolkata, it was Rs 1,12,830 per 10 gm. The price of the precious commodity was the highest in Chennai, trading at Rs 1,13,310 per 10 gm.

The Dec. 5 futures stood at Rs 1,13,869 according to the Multi-Commodity Exchange. The spot prices of the yellow metal rose to $3,743 on Friday, according to the World Gold Council.

The precious metal's price rose to Rs 1,36,720 per kilogram, according to the India Bullion Association. The prices stood at Rs 1,34,990 on Thursday.

Oct. 5 futures for silver were trading higher at Rs 1,36,738, according to the Multi Commodity Exchange.