Daijiworld Media Network - Mumbai
Mumbai, Oct 9: Gold prices in India surged to an all-time high on Thursday, crossing the Rs 1,23,430 mark per 10 grams, amid heightened festive season demand and renewed global economic uncertainties.
According to data from the India Bullion and Jewellers Association (IBJA), gold prices jumped over Rs 2,000 compared to Wednesday’s rate of Rs 1,21,180. The global rally also pushed bullion prices to $4,000 an ounce, marking a historic milestone in the international market.
Market analysts attributed the surge to a combination of factors including safe-haven buying triggered by political tensions, fears of a possible US government shutdown, and expectations of further interest rate cuts by the US Federal Reserve.
“Renewed concerns over the US government shutdown have strengthened safe-haven demand, keeping precious metals well-supported,” said a bullion trader, adding that economic uncertainty and global volatility continue to drive investors towards gold.
Gold has gained more than 50% this year, marking its sharpest annual rise since 1979. The rally is being fuelled by strong central bank purchases and robust inflows into gold-backed exchange-traded funds (ETFs). The World Gold Council reported that September witnessed the highest ETF inflows on record following the Fed’s recent rate cut.
City-Wise Gold Rates (Per 10 Grams)
• Delhi: Rs 1,22,990
• Mumbai: Rs 1,23,200
• Bengaluru: Rs 1,23,300
• Kolkata: Rs 1,23,040
• Chennai: Rs 1,23,560
Meanwhile, silver also followed the upward trend, hitting a new record of Rs 1,50,100 per kilogram. However, December 5 futures for silver were seen trading marginally lower at Rs 1,49,400 on the Multi-Commodity Exchange (MCX).