Gold prices in India surged past the ₹1,14,000 mark, reaching record highs due to strong festive demand and increased safe-haven buying. According to the India Bullion Association, prices stood at ₹1,14,360 per 10 gm on Wednesday, almost unchanged from ₹1,14,370 a day earlier.
Globally, gold climbed to $3,759 per ounce after briefly touching $3,707.57 ahead of the US Federal Reserve meeting last week. The precious metal had already crossed the ₹1,10,000 mark on September 15, with expectations of a potential Fed rate cut fueling the rally.
Market experts remain optimistic about gold’s long-term outlook following the Fed’s cautious stance. Commodities analyst Anuj Gupta explained: “As the labour market and inflation are still a cause of concern for the Fed, they want to keep an eye on the data. The trend of gold is looking positive for the longer term.” He also noted that short-term profit booking could occur as the event passes.
City-wise Gold Rates (per 10 gm):
New Delhi: ₹1,13,960
Mumbai: ₹1,14,160
Bengaluru: ₹1,14,250
Kolkata: ₹1,14,010
Chennai: ₹1,14,490 (highest among metros)
Silver Prices:
Silver too witnessed a sharp rise, with spot prices touching ₹1,34,990 per kg. On the Multi Commodity Exchange, October 5 futures were trading at ₹1,35,000.
Gold Prices Hit Record ₹1.14 Lakh Amid Festive And Safe-Haven Demand
