NEW DELHI, Sep 10: Gold prices in India reached a new peak of Rs 1,13,000 per 10 grams on Wednesday, driven by strong buying by central banks, a weak dollar, and geopolitical uncertainties.
This year, the precious metal prices have increased by 43.12 per cent, from Rs 78,950 per 10 grams on December 31, 2024.
The All India Sarafa Association reported that gold had closed at Rs 1,12,750 per 10 grams, rallying by Rs 5,080 on Tuesday.Gold of 98.5% purity also appreciated by Rs 250 to hit a lifetime high of Rs 1,12,500 per 10 grams.
Gold continues to trade near record highs, supported by a weakening US dollar index, growing expectations of aggressive rate cuts, and retreating US Treasury yields and rising geopolitical tensions in the Middle East region.
Silver prices retreated from record levels, declining by Rs 300 to Rs 1,28,500 per kg.
In overseas markets, spot gold was trading 0.85% higher at USD 3,657.09 per ounce, while spot silver rose 0.88 per cent to USD 41.23 per ounce.
Market participants will closely monitor US macroeconomic data, including the Producer Price Index and Consumer Price Index, which may have a bearing on Fed rate cut decisions and sentiment for bullion prices in the near-term. (PTI)
