Gold Prices Rises To 1,25,760 Wednesday — Check Rates In Delhi, Mumbai, Kolkata And Other Cities

Gold prices rose slightly Wednesday morning amid rising hopes for a rate cut in the upcoming policy meeting of the US Federal Reserve. Bullion prices rose 1% to Rs 1,25,760 per 10 grams.

In the global markets, gold prices also rose slightly as market participants assessed the latest data releases to get cues about the US Federal Reserve's policy outlook. Retail sales in September rose modestly, suggesting consumer spending is cooling after months of strong demand, Bloomberg reported. Meanwhile, US Consumer Confidence declined at the steepest rate in November since April.

ABC reports said that Ukranian officials have agreed to a plan to end the war with Russia, which capped gains in the gold prices. Cessation of the long-standing war will affect the risk-on sentiment, which will reduce the demand for the safe haven asset.

"Gold had initially softened as optimism over progress toward ending the Ukraine war reduced haven demand. Today, gold is hovering near $4,140 as investors await U.S. data for fresh signals on economic momentum," said Kaynat Chainwala, assistant vice president, commodity research, Kotak Securities.

In New Delhi, prices of the bullion advanced 1% to Rs 1,25,310 per 10 grams. In Mumbai, gold prices were trading at Rs 1,25,530 as of 6;48 a.m.

In Kolkata, the precious metal was being traded at Rs 1,25,360 per 10 grams compared to Rs 1,24,070 in the previous morning. Gold prices were at Rs. 1,25,890 as of 6:50 a.m.

Bullion costed Rs. 1,25,630 per 10 grams in Bengaluru as of 6:51 a.m. Meanwhile, in Hyderabad it was at Rs 1,25,630.

As of 6:52 a.m., Dec 5 Gold futures were trading 1.04% higher at Rs 1,25,136 per 10 grams on the Multi Commodity Exchange.

The Bloomberg spot gold was trading 0.38% higher at $4,146 an ounce as of 6:53 a.m.