New Delhi, Sep 16 || Gold prices reached record high on Tuesday, surpassing the Rs 1,10,000 mark due to increased safe-haven demand amid global geopolitical tensions and anticipation of a US Federal Reserve rate cut this week.
In India, the price of 24-carat gold per gram was at Rs 10,951 as of 10.17 am, according to data published by the India Bullion and Jewellers Association (IBJA).
Earlier in the day, prices had reached as high as Rs 1,10,650 per 10 gm, an increase from Rs 1,09,820 on Monday. Spot gold was priced at $3,679 an ounce, just under Monday’s record of $3,685, according to the World Gold Council data.
Market experts linked the rally to increased geopolitical risks in global trade and expectations of a US Fed rate cut on September 17. Coupled with tailwinds from a weakening dollar, they anticipate gold and silver to trade positively this week.
Gold prices in domestic markets are as follows: Rs 1,10,260 per 10 gm in New Delhi, Rs 1,10,450 in Mumbai, Rs 1,10,540 in Bengaluru, and Rs 1,10,310 in Kolkata. Chennai reported the highest gold price at Rs 1,10,770.