Gold rates today: Gold price reaches record high; touches Rs 1,27,500 per 10 grams
The precious metal was trading at Rs 1,26,798, showing an increase of Rs 542 or 0.43% from the previous session.Analysts, quoted by PTI, said investors moved toward safe-haven assets as renewed geopolitical and trade tensions weighed on the global economic outlook.
Market sentiment also improved after Federal Reserve Chair Jerome Powell signaled the possibility of monetary easing later this year.Spot gold increased 0.4% to $4,155.99 per ounce at 0032 GMT, while US gold futures for December delivery rose 0.3% to $4,174.30.The non-interest-bearing bullion, considered a safe investment during uncertainty, has increased 55% year-to-date, reaching $4,179.48 on Tuesday.Silver prices followed suit, rising by Rs 1,090 or 0.68% to Rs 1,60,594 per kilogram, supported by safe-haven demand, industrial requirements and US-China trade tensions.Tuesday also saw positive settlements for both metals in domestic and international markets.
Gold December futures settled at Rs 1,26,256 per 10 grams, up 1.31%, while silver December futures closed at Rs 1,59,504 per kilogram, gaining 3.14%.Also read: Will gold prices continue to rise this week?
Check outlook ahead of DhanterasThe US Fed Chairman’s speech contributed to extended gains in both metals during a volatile session.
He noted limited improvement in US employment and inflation post-September policy meeting, whilst expressing concern about the ongoing US shutdown, as quoted by Economic Times.Powell indicated that interest rate decisions would be made on a “meeting-by-meeting” basis, considering labour market weakness and above-target inflation.
Markets anticipate a 25-basis-point rate reduction this month and in December.Markets recovered from daily lows following these comments, maintaining positive momentum.The US Dollar Index, DXY, decreased by 0.19 or 0.20%, hovering near 98.85.Gold’s current rally stems from geopolitical and economic uncertainties, expected US rate cuts, strong central bank purchasing, de-dollarisation trends and substantial ETF inflows.For MCX trading, support levels for gold are Rs 1,25,000-1,23,800 with resistance at Rs 1,27,400-1,28,500.
Silver’s support lies at Rs 1,58,000-1,55,500 with resistance at Rs 1,61,600-1,64,000.Physical gold rates in key Indian cities:Delhi: Standard gold (22 carat) – Rs 94,184/8 grams; Pure gold (24 carat) – Rs 1,01,264/8 gramsMumbai: Standard gold (22 carat) – Rs 93,912/8 grams; Pure gold (24 carat) – Rs 1,00,968/8 gramsChennai: Standard gold (22 carat) – Rs 93,992/8 grams; Pure gold (24 carat) – Rs 1,01,128/8 gramsHyderabad: Standard gold (22 carat) – Rs 94,264/8 grams; Pure gold (24 carat) – Rs 1,01,376/8 grams(Data taken from ET)(Disclaimer: Recommendations and views on asset classes given by experts are their own.
These opinions do not represent the views of The Times of India)
