- Gold breaches Rs 1.21 lakh/10g on global cues
- US govt shutdown & Fed rate cut bets lift bullion
- Silver stays flat at Rs 1.50 lakh/kg
Gold prices rallied by Rs 1,100 to breach the Rs 1.21 lakh per 10 grams mark in the national capital on Wednesday,
tracking firm global cues amid the US government shutdown after Congress failed to approve fresh federal funding.
According to the All India Sarafa Association, gold of 99.9% purity jumped Rs 1,100 to a new peak of
Rs 1,21,100/10g (inclusive of taxes), compared to Rs 1,20,000/10g on Tuesday.
In the local bullion market, gold of 99.5% purity also gained Rs 1,100, reaching a lifetime high of
Rs 1,20,500/10g (inclusive of taxes), up from Rs 1,19,400/10g in the previous session.
Silver prices remained flat at Rs 1,50,500/kg (inclusive of taxes), holding at record levels, as per the association.
Traders said a weakening US labour market has reinforced expectations of imminent Federal Reserve rate cuts,
adding momentum to bullion prices.
Overseas Market Highlights
- Spot Gold: Up over 1% to a record USD 3,895.33/oz.
- Spot Silver: Gained nearly 2% to USD 47.56/oz.
Source: PTI
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