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Gold Hits ₹1.16 Lakh, Silver Crosses ₹1.36 Lakh on Global Cues; Both at Record Highs
Gold Silver Price: Amid strong demand, gold prices rose by ₹2,200 on Monday to a new high of ₹1,16,200 per 10 grams. Silver prices also surged by ₹4,380 to reach an all-time high of ₹1,36,380 per kilogram (including all taxes).
Gold and silver prices recorded a sharp spike on the back of positive global indicators. On Monday, prices of gold in the capital city of Delhi surged by ₹2,200 to a record high of ₹1,16,200 per 10 grams. 99.5 percent purity gold increased by ₹2,150 to an all-time high of ₹1,15,650 per 10 grams. Meanwhile, silver prices rallied by a whopping ₹4,380 to an all-time high of ₹1,36,380 a kilogram (including all taxes). The All India Sarafa Association corroborated the same.
Both gold and silver are at all-time highs in the domestic market, consistent with an international bull trend. Spot gold overseas increased over 1 percent to a record high of $3,728.43 an ounce. During trading, it touched a high of $43.80 per ounce.
Saumil Gandhi, Senior Analyst (Commodities) at HDFC Securities, said that dovish signals from the US Federal Reserve (Fed) suggest two additional interest rate cuts are likely by the end of this year. This could limit the upside in the dollar and Treasury yields, while supporting the rise in precious metal prices. Gandhi said that apart from this, strong investment in exchange-traded funds and continued interest from central banks have also contributed to the rise in bullion prices.
