Gold prices in India surged to unprecedented levels on Tuesday, breaking past the ₹1,16,000 mark per 10 grams as festive buying and strong global safe-haven demand continued to drive the rally. According to India Bullion Co., the metal was quoted at ₹1,16,410, a sharp rise of ₹1,470 from Monday’s close of ₹1,14,940.
This milestone surpasses the previous record of ₹1,14,360 reached on September 23. The rally has been building since September 15, when gold first breached the ₹1,10,000 threshold, largely supported by expectations of an interest rate cut by the U.S. Federal Reserve.
Market analysts explained that with inflation concerns and labour market trends still influencing U.S. monetary policy, investors are flocking to gold as a safe asset. While the long-term outlook remains bullish, experts also hinted that short-term profit booking may occur as traders lock in gains.
City-wise Prices (per 10 gm on Tuesday):
- New Delhi: ₹1,16,000
- Mumbai: ₹1,16,200
- Bengaluru: ₹1,16,290
- Kolkata: ₹1,16,050
- Chennai: ₹1,16,540 (highest in the country)
On the futures front, December 5 contracts on the Multi Commodity Exchange (MCX) traded at ₹1,16,370. Internationally, spot gold touched $3,847 per ounce, slightly below Monday’s record of $3,850, Bloomberg data showed.
Silver mirrored the trend, climbing to ₹1,43,170 per kg in the spot market against Monday’s ₹1,42,190. On MCX, October 5 silver futures were quoted at ₹1,43,120.
Analysts believe a combination of festive demand, consistent central bank purchases, and heightened investor interest in safe-haven assets will keep bullion well-supported in the coming months.
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