NEW DELHI, Oct 15: Gold prices in India soared for the third straight session on Wednesday, jumping ₹1,000 to hit a record high of ₹1,31,800 per 10 grams (99.9% purity) in Delhi amid strong festive season demand and a global price rally.
Gold of 99.5% purity also climbed ₹1,000 to ₹1,31,200. Continuous buying by jewellers and retail investors supported the surge, although the rupee’s appreciation slightly limited gains.
Internationally, spot gold hit an all-time high of USD 4,218.32 per ounce. Analysts attributed the global rally to strong central bank buying—especially by China—geopolitical tensions, and economic uncertainty.
Expectations of potential US Federal Reserve rate cuts, ongoing US-China trade conflicts, the Russia-Ukraine war, and fears of a U.S. government shutdown added to the bullish momentum.
Meanwhile, silver prices in the domestic market dropped ₹3,000 to ₹1,82,000 per kg, pulling back from Tuesday’s peak of ₹1,85,000. Spot silver traded 2.81% higher globally at USD 52.84 per ounce, after hitting USD 53.62 previously.
Analysts noted that silver’s surge was driven by a historic short squeeze and tightening liquidity in London, sparking a rush for physical supply.
Safe-haven buying is expected to continue supporting both gold and silver amid global economic and political uncertainties. (PTI)
