Gold Price Surges To New High — Check Rates In Delhi, Mumbai, Chennai And Other Cities

Gold prices surged to a fresh high on Monday driven by geopolitics. The yellow metal was trading at Rs 1,02,090 per 10 gm. As per the India Bullion Association, the commodity was trading at Rs 1,01,790 per 10 gm on Friday.

Last week's gold prices increased by 1.07% and closed at $3,398. On MCX, prices closed higher by 2.05% and closed at 1,01,798 levels. It hit a new high of Rs 1,02,250.

"The White House clarifies that gold bars are to be exempt from the duties. Last week there was a rumour that 39% tariffs will be on Swiss gold. We noticed that due to tariffs the risk premium increased in the gold prices," according to Anuj Gupta, a market expert.

U.S. President Donald Trump will meet with Russian President Vladimir Putin on August 15 in Alaska to negotiate an end to the war in Ukraine. This will work as a speed breaker in the gold rally, he added.

In New Delhi, the price stood at Rs 1,01,730 per 10 gm compared to Rs 101,430 per 10 gm on Friday. The gold price in Mumbai was Rs 101,910 per 10 gm, against Rs 1,01,610 per 10 gm the previous day.

In Bengaluru, the rate stood at Rs 1,01,990, while in Kolkata, it was Rs 1,01,770 per 10 gm. The price of the precious commodity was the highest in Chennai, trading at Rs 1,02,210 per 10 gm.

The gold spot price was lower at $3,376 an ounce, according to the World Gold Council. Oct. 5 futures for the yellow metal were trading 0.03% higher at Rs 1,01,498, according to the Multi Commodity Exchange.

The precious metal price was at Rs 1,15,390 per kilogram on the India Bullion Association. Sept. 5 futures for silver were trading 0.37% higher at Rs 1,14,710, according to the Multi Commodity Exchange.

Silver prices increased by 3.51% and closed at $38.31. On MCX silver prices increased by 4.19% and closed at 1,14,881 levels. Recently silver made a new high of 1,16,641.