Due to both festive and safe-haven demand, gold prices today reached new highs above Rs 1,16,000. The India Bullion Co. claims that prices in India have increased to Rs 116,410 per 10 gm.
In comparison to Monday's price of Rs 1,14,940, the price increased by Rs 1,470. The yellow metal last reached its highest price of Rs 1,14,360 on September 23.On September 15, gold crossed the Rs 1,10,000 mark, and the rally was fueled by the Fed's potential rate cut. Following this decision, market analysts are upbeat about gold's long term prospects. The Fed's move was widely expected to support a rising trend for the precious metal.
"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," Gupta stated. In the very near term, there might be some profit booking as the event passes off.
On Tuesday, the price was Rs 1,16,200 in Mumbai and Rs 1,16,000 per 10 gm in New Delhi. The rate was Rs 1,16,290 per 10 gm in Bengaluru and Rs 1,16,050 per 10 gm in Kolkata. At Rs 1,16,540 per 10 gm, Chennai had the highest price of the precious commodity.
The Multi Commodity Exchange reported that the Dec. 5 futures were trading at Rs 1,16,370. The World Gold Council reported that the yellow metal's spot price increased to $3,847 on Friday. According to Bloomberg data, the price of the yellow metal reached a record high of $3,850 on Monday.
The India Bullion Association reports that the price of the precious metal increased to Rs 1,43,170 per kilogram. On Monday, the prices were Rs 1,42,190. The Multi Commodity Exchange reported that silver futures were trading higher on October 5 at Rs 1,43,120.
