The rise was also fueled by signs of slowing industrial and construction spending in the US coupled with a decrease in inflationary pressures.
Prices of gold have been witnessing upward rally since the beginning of March. The price of 22 carat yellow metal surged by Rs 1860/10 grams only in 3 days span and cost of 24 carat gold rallied by Rs 2020 from the beginning of the month. To subscribe please click tau.id/2iy6f and access our live channel.
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.
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With the recent rally in the price, yellow metal scaled three-month peak amid increasing possibilities for June interest rate cut by US Federal Reserve.
The price of 22 carat yellow metal is Rs 59,450/10 grams in India on Tuesday after the surge by Rs 700 and cost of 100 grams yellow metal is Rs 5,94,500 after the gain of Rs 7000.
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. On the other hand, spot gold at Comex was trading at $2,110 per ounce.
Saumil Gandhi, senior analyst of commodities at HDFC Securities said, “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.”
Jateen Trivedi, VP Research Analyst at LKP Securities, stated, “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.”
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.
