Gold rates surged by ₹800 to hit a fresh record high of ₹65,000 per 10 grams on Tuesday in the national capital. In its previous close, gold price had closed at ₹64,200 per 10 grams.
According to website Goodreturns, 10 grams of 24K gold was priced at ₹64,850 in major cities including Mumbai and Kolkata. The price of 24K gold stood at ₹65,620 per 10 grams in Chennai.
Like gold, silver prices surged by ₹900 to ₹74,900 per kg as compared to ₹74,000 per kg in the previous close.
Saumil Gandhi, senior analyst of commodities at HDFC Securities, told PTI,"Spot gold prices (24 carats) in the Delhi markets are trading at ₹65,000 per 10 grams, up by ₹800, taking bullish cues from the overseas markets.In domestic markets, spot gold hit a new all-time high of ₹65,000 on Tuesday."
On the other hand, spot gold at Comex was trading at $2,110 per ounce.
“Gold prices experienced an uptick driven by growing speculation that the US Federal Reserve will cut interest rates in June, thus gain of more than ₹2,400 was seen in MCX in last three days,” PTI quoted Jateen Trivedi, VP Research Analyst at LKP Securities, as saying.
Gold prices in metros on March 5, 2024
| CITY | 22K GOLD PRICE (Rs/10 GMS) | 24K GOLD PRICE (Rs/10 GMS) |
|---|---|---|
| DELHI | 59,600 | 65,000 |
| MUMBAI | 59,450 | 64,850 |
| KOLKATA | 59,450 | 64,850 |
| CHENNAI | 60,150 | 65,620 |
| BENGALURU | 59,450 | 64,850 |
"The rise was also fuelled by signs of slowing industrial and construction spending in the US, coupled with a decrease in inflationary pressures,", Trivedi added.
{{/usCountry}}"The rise was also fuelled by signs of slowing industrial and construction spending in the US, coupled with a decrease in inflationary pressures,", Trivedi added.
{{/usCountry}}The silver rate was also quoting higher at $23.88 per ounce. In the previous trade, it had ended at $23.09 per ounce.
"Gold and silver prices were recovered and are trading positive, despite a steady dollar in the overseas market while steady moves in global equities and uncertainty over the US Fed's policies on cutting interest rates have pushed investors towards the safer asset," Pranav Mer, VP of Research (Commodity & Currency) at BlinkX and JM Financial, told the agency.
Gold is considered as a preferred mode of investment and acts as a perfect hedge against inflation. The price of gold is dependent on various factors including US dollar, government policies and global situation.
(With PTI inputs)