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Gold Prices Surge Again Reaches Rs 116,200 Per 10 Grams, LIfts By Rs 2,200
In the local bullion market, gold of 99.5 per cent purity rallied Rs 2,150 to hit a record high of Rs 115,650 per 10 grams (inclusive of all taxes).
Picture Credit : @GOLDCOUNCIL/X
Gold prices surged Rs 2,200 to hit a fresh peak of Rs 116,200 per 10 grams in the national capital buoyed by strong global cues as investors awaited key commentary from US Fed officials for policy direction.
According to media reports, According to the All India Sarafa Association, the precious metal of 99.9 per cent purity had closed at Rs 1,14,000 per 10 grams on Friday.
In the local bullion market, gold of 99.5 per cent purity rallied Rs 2,150 to hit a record high of Rs 115,650 per 10 grams (inclusive of all taxes).
It had settled at Rs 113,500 per 10 grams in the previous market session.
“Both gold and silver traded at record levels in the domestic markets, tracking the bullish trend in international markets.
“A dovish signal from the US Federal Reserve (Fed) suggests that two additional rate cuts are likely by the end of this year, which could limit gains in the US dollar and Treasury yields while bolstering precious metal prices,” Saumil Gandhi, senior analyst – commodities at HDFC Securities, said.
In addition, a strong inflow into exchange-traded funds as well as continued interest from central banks have also contributed to the rise in bullion prices, Gandhi added.