Gold, Silver Prices Hit Fresh Record High — Check Rates In Delhi, Mumbai, Other Cities
Gold prices in India today were trading at levels above the Rs 1,23,430 mark, amid the festive season.
Gold prices in India today were trading at levels above the Rs 1,23,430 mark, amid the festive season. The gold price today rallied to a fresh high of Rs 1,23,430 according to the India Bullion Co. The prices jumped over Rs 2,000 after the commodity was trading at Rs 1,21,180 on Wednesday.
The Bullion had risen to $4,000 an ounce on Wednesday as well. December futures in New York, which is the most active contract edged higher, according to Bloomberg after surpassing $4,000 for the first time on Tuesday.
Gold futures spiked to a new record high, touching $4,000 per ounce, driven by factors like safe-haven demand due to the ongoing political upheaval and economic uncertainty. The prices were further pushed higher by the hopes for more US interest rate cuts.
Renewed concerns over the US government shutdown have reinforced safe-haven demand, keeping precious metals well-supported. The shutdown has increased economic uncertainty and increased the bets of the interest rate cut in this year. Investors are now relying on private data for crucial clues about an already murky US economic outlook.
Gold has soared more than 50% this year as President Donald Trump shook up trade and geopolitics, with prices on track for the biggest annual gain since 1979.
Additionally, Central banks have been fervent buyers of the yellow metal, while the Fed’s rate cut last month spurred investors to pile into gold-backed exchange-traded funds, with September registering the strongest monthly inflows on record, according to the World Gold Council.
Prices In Delhi, Mumbai, Bangalore
In New Delhi, the price stood at Rs 1,22,990 per 10 gm, and in Mumbai, it stood at Rs 1,23,200 on Thursday.
In Bengaluru, the rate stood at Rs 1,23,300, while in Kolkata, it was Rs 1,23,040 per 10 gm. The price of the precious commodity was the highest in Chennai, trading at Rs 1,23,560 per 10 gm.
The Dec. 5 futures stood at Rs 1,23,290 according to the Multi-Commodity Exchange. The spot prices of the yellow metal rose to $4,026 on Thursday, according to the World Gold Council.
On Oct. 8, the global price of the yellow metal hit a record high of $4,059, according to Bloomberg data.
Silver Futures And Spot Prices
The precious metal's price rose to a fresh high of Rs 1,50,100 per kilogram, according to the India Bullion Association.
Dec. 5 futures for silver were trading lower at Rs 1,4940, according to the Multi-Commodity Exchange.
