Gold Prices Hit Record High: Check Rates in Delhi, Mumbai, Chennai, and Other Cities

Gold prices have reached a record high, crossing the previous high of Rs 1,02,090. The yellow metal was trading at a fresh record high of at Rs 1,02,380 per 10 gm, according to the India Bullions Association.

Reasons Behind the Record High

The prices had slipped on earlier this week after rising to an over two-week high as US President Donald Trump’s attempts to fire Federal Reserve Governor Lisa Cook sparked renewed concerns over the central bank’s independence.

Cook indicated that she will not step down from her position and will challenge her attempted removal in court, arguing that Trump had no cause to fire her and the Fed also echoed this notion.

Gold Price Movement in the Last Six Months

In the last six months, the highest price that the yellow metal had soared to was Rs 1,02,090, seen on Aug. 10, before marking a fresh high on Friday. The price of the commodity went as low as Rs 87,100 on April 7.

Gold Prices in Major Cities

In New Delhi, the price stood at Rs 1,02,020 per 10 gm and in Mumbai it stood at Rs 1,02,200 on Friday.

In Bengaluru, the rate stood at Rs 102,280, while in Kolkata, it was Rs 1,02,060 per 10 gm. The price of the precious commodity was the highest in Chennai, trading at Rs 1,02,490 per 10 gm.

Global Gold Price Movement

The spot gold price was trading higher at $3,412 an ounce, according to the World Gold Council. Oct. 3 futures for the yellow metal were trading 0.02% lower at Rs 1,02,090, according to the Multi Commodity Exchange.

Silver Price Movement

The precious metal’s price was at Rs 1,17,710 per kilogram on the India Bullion Association. Sept. 5 futures for silver were trading 0.08% lower at Rs 1,17,109, according to the Multi Commodity Exchange.

For investors looking to invest in gold, it is essential to keep an eye on the market trends and global economic conditions. Investing in gold can be a lucrative option, but it requires a thorough understanding of the market.

Indian investors can also consider investing in gold ETFs, which provide a convenient and cost-effective way to invest in gold. However, it is crucial to do your research and understand the tips and strategies for investing in gold.