Gold rate today : Gold prices surged for the sixth straight session on Monday, rising Rs 1,000 to hit a record Rs 1,05,670 per 10 grams in the national capital. The rally was driven by expectations of a US Federal Reserve rate cut this month and firm demand in overseas markets, according to the All India Sarafa Association.
In the local market, gold of 99.5 per cent purity jumped Rs 800 to a lifetime high of Rs 1,04,800 per 10 grams (inclusive of all taxes), up from Rs 1,04,000 in the previous session, PTI reported. Gold of 99.9 per cent purity had earlier touched Rs 1,04,670 per 10 grams on Saturday.
Traders said investors rushed towards safe-haven assets as uncertainty deepened over US tariff policies and concerns grew about the independence of the Federal Reserve.
Silver prices also soared, rising Rs 1,000 to a fresh peak of Rs 1,26,000 per kilogram (inclusive of all taxes). On Saturday, silver had jumped Rs 6,000 to Rs 1,25,000 per kg.
“Silver hit a record high in the domestic markets largely driven by industrial demand in clean energy and electronics, with speculative interest pushing prices sharply higher. The US Geological Survey’s proposal to classify silver as a critical mineral has created additional momentum,” said Trivesh D, Chief Operating Officer at Tradejini.
On the Multi Commodity Exchange (MCX), gold futures for October delivery surged Rs 2,113, or 2.03 per cent, to a lifetime high of Rs 1,05,937 per 10 grams in morning trade. December gold futures jumped Rs 1,682 to Rs 1,06,539 per 10 grams. Silver December futures also rallied Rs 3,117, or 2.5 per cent, to Rs 1,24,990 per kg.
“For gold, deteriorating rupee value internationally and rising geopolitical tensions have made the metal more attractive as a safe haven. Gold has crossed Rs 1.05 lakh per 10 grams and silver is nearing Rs 1.25 lakh per kg on MCX, making these among the highest levels Indian buyers have seen in more than a decade,” Trivesh D added.
In international markets, Comex gold futures for December rose to USD 3,556.87 per ounce, a record high. Spot gold climbed USD 22.51, or 0.65 per cent, to USD 3,470.51 per ounce in New York. Comex silver futures breached USD 41 per ounce, the highest level in 14 years, while spot silver advanced 1.96 per cent to USD 40.47 per ounce.
“Spot gold extended its rally, buoyed by expectations of a September rate cut, rising uncertainty over President Donald Trump’s tariff plans, and the escalating standoff between the Fed and the Trump administration,” said Kaynat Chainwala, AVP Commodity Research, Kotak Securities.
San Francisco Fed President Mary Daly signalled policymakers may be ready to lower interest rates soon, saying tariff-driven inflation is likely temporary.
Chintan Mehta, CEO of Abans Financial Services, noted that investors will closely track upcoming US labour market data, including job openings, ADP employment, and non-farm payrolls, which could guide the Fed’s next move.
In the local market, gold of 99.5 per cent purity jumped Rs 800 to a lifetime high of Rs 1,04,800 per 10 grams (inclusive of all taxes), up from Rs 1,04,000 in the previous session, PTI reported. Gold of 99.9 per cent purity had earlier touched Rs 1,04,670 per 10 grams on Saturday.
Traders said investors rushed towards safe-haven assets as uncertainty deepened over US tariff policies and concerns grew about the independence of the Federal Reserve.
Silver prices also soared, rising Rs 1,000 to a fresh peak of Rs 1,26,000 per kilogram (inclusive of all taxes). On Saturday, silver had jumped Rs 6,000 to Rs 1,25,000 per kg.
“Silver hit a record high in the domestic markets largely driven by industrial demand in clean energy and electronics, with speculative interest pushing prices sharply higher. The US Geological Survey’s proposal to classify silver as a critical mineral has created additional momentum,” said Trivesh D, Chief Operating Officer at Tradejini.
On the Multi Commodity Exchange (MCX), gold futures for October delivery surged Rs 2,113, or 2.03 per cent, to a lifetime high of Rs 1,05,937 per 10 grams in morning trade. December gold futures jumped Rs 1,682 to Rs 1,06,539 per 10 grams. Silver December futures also rallied Rs 3,117, or 2.5 per cent, to Rs 1,24,990 per kg.
“For gold, deteriorating rupee value internationally and rising geopolitical tensions have made the metal more attractive as a safe haven. Gold has crossed Rs 1.05 lakh per 10 grams and silver is nearing Rs 1.25 lakh per kg on MCX, making these among the highest levels Indian buyers have seen in more than a decade,” Trivesh D added.
In international markets, Comex gold futures for December rose to USD 3,556.87 per ounce, a record high. Spot gold climbed USD 22.51, or 0.65 per cent, to USD 3,470.51 per ounce in New York. Comex silver futures breached USD 41 per ounce, the highest level in 14 years, while spot silver advanced 1.96 per cent to USD 40.47 per ounce.
“Spot gold extended its rally, buoyed by expectations of a September rate cut, rising uncertainty over President Donald Trump’s tariff plans, and the escalating standoff between the Fed and the Trump administration,” said Kaynat Chainwala, AVP Commodity Research, Kotak Securities.
San Francisco Fed President Mary Daly signalled policymakers may be ready to lower interest rates soon, saying tariff-driven inflation is likely temporary.
Chintan Mehta, CEO of Abans Financial Services, noted that investors will closely track upcoming US labour market data, including job openings, ADP employment, and non-farm payrolls, which could guide the Fed’s next move.
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