New Delhi: Gold prices hit a new record high in the national capital on Monday. A sharp rise in global markets and increased investor demand for safe-haven assets pushed both gold and silver to historic highs.
Gold crosses Rs 1.38 lakh mark in Delhi
According to the All India Sarafa Association, gold prices in Delhi rose by Rs 1,685 to reach a record high of Rs 1,38,200 per 10 grams. This is the highest price ever.
Silver also reaches a record high
Silver prices also saw a sharp rise. Silver rose by Rs 10,400 per kilogram to reach an all-time high of Rs 2,14,500 per kilogram. This includes all taxes.
Bullion market rises on global cues
According to market experts, growing uncertainty about the US economy and expectations of interest rate cuts have strengthened precious metals. Spot gold jumped $80.85 (about 1.9%) to a record high of $4,420.35 per ounce in the international market.
Analysts say the US Federal Reserve’s third 25-basis-point interest rate cut this year and the prospect of further rate cuts have supported gold and silver. Lower interest rates make gold investments more attractive.
Gold prices have risen by about 67% so far this year. The bullion market remains bullish due to geopolitical tensions, trade tariffs, and global economic uncertainty.
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