- Gold price reached Rs 1,08,140 per 10 gm on Monday, a new record high
- Gold prices rose due to possible Fed rate cut, weaker dollar, and global tensions
- Spot gold price hit $3,587 an ounce, marking a fresh global high
Gold price was trading at Rs 1,08,140 per 10 gm on Monday, according to the India Bullion Association, compared to Rs 1,06,720 on Friday. The prices recently crossed the Rs 1,08,000-mark, hitting a fresh record.
The rally is driven by a possible rate cut from the Fed, weakening in the dollar and the escalating tensions on the global scale.
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 1,07,750 per 10 gm, and in Mumbai, it stood at Rs 1,07,940 on Monday.
In Bengaluru, the rate stood at Rs 1,08,020, while in Kolkata, it was Rs 1,07,800 per 10 gm. The price of the precious commodity was the highest in Chennai, trading at Rs 1,08,250 per 10 gm.
The spot gold price was trading higher at $3,587 an ounce, according to the World Gold Council, also marking a new high. Oct. 3 futures for the yellow metal were trading 0.01% higher at Rs 1,07,740, according to the Multi Commodity Exchange.
Silver Prices
The precious metal's price rose to Rs 1,24,540 per kilogram on the India Bullion Association. This compares to Rs 1,23,670 on Friday.
Sept. 5 futures for silver were trading 0.14% lower at Rs 1,24,716, according to the Multi Commodity Exchange.
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