NEW DELHI, Oct 16: Gold prices in Delhi slipped by ₹200 to ₹1,31,600 per 10 grams on Thursday after hitting a record ₹1,31,800 in the previous session, due to profit booking, according to the All India Sarafa Association. Gold of 99.5% purity also fell by ₹200 to ₹1,31,000 per 10 grams.
Meanwhile, silver prices rebounded sharply, rising ₹2,000 to ₹1,84,000 per kilogram, close to their record high of ₹1,85,000 reached earlier this week.
On the global front, spot gold surged nearly 1% to an all-time high of USD 4,246.08 per ounce amid safe-haven demand triggered by the US government shutdown, delayed economic data, and geopolitical tensions.
Experts say uncertainty over the US fiscal situation and expectations of potential Federal Reserve interest rate cuts are boosting gold and silver prices.
Jateen Trivedi of LKP Securities noted that ongoing fiscal concerns support safe-haven demand, while Kaynat Chainwala from Kotak Securities highlighted that Fed rate cut expectations are shaping positive investor sentiment.
Despite some profit booking, analysts remain bullish on precious metals due to macroeconomic and geopolitical factors driving demand. (PTI)
