Gold Prices in India Hit Record High: Check Latest Rates in Delhi, Mumbai, and Other Cities
Gold prices in India today were trading at levels above the Rs 1,30,200 mark, amid the festive season. The gold price today rallied to a fresh high of Rs 1,30,230 according to the India Bullion Co.
Gold prices scaled a new peak for the fifth consecutive session in the international market on Friday. Heightened US-China trade frictions and bets that the Federal Reserve will cut interest rates through the end of the year have supported demand.
Gold Prices Surge to New High
The precious metal jumped 0.5% to $4,227 an ounce in the spot market. Bullion has risen about 5% so far this week amid a breakneck rally underway since mid-August. In October so far, the metal has appreciated by 9.5%. Gold prices spiked to the new high driven by factors like safe-haven demand due to the ongoing geo-political uncertainty.
Investors are now eyeing on private data for crucial clues about an already murky US economic outlook. Gold has soared more than 50% this year as President Donald Trump shook up trade and geopolitics, with prices on track for the biggest annual gain since 1979.
Central Banks and Investors Flock to Gold
Additionally, Central banks have been fervent buyers of the yellow metal, while the Fed’s rate cut last month spurred investors to pile into gold-backed exchange-traded funds, with September registering the strongest monthly inflows on record, according to AMFI data.
Gold Prices in Major Cities
In New Delhi, the price stood at Rs 1,29,770per 10 gm, and in Mumbai, it stood at Rs 1,30,000 on Friday.
In Bengaluru, the rate stood at Rs 1,30,100, while in Kolkata, it was Rs 1,29,820 per 10 gm. The price of the precious commodity was the highest in Chennai, trading at Rs 1,30,370 per 10 gm.
Future Prices and Silver Rates
The Dec. 5 futures stood at Rs 1,30,005 according to the Multi-Commodity Exchange. The spot prices of the yellow metal rose to $4,333 on Friday, according to the World Gold Council.
The precious metal’s price rose to a fresh high of Rs 1,67,920 per kilogram, according to the India Bullion Association.
Dec. 5 futures for silver were trading lower at Rs 1,67,632, according to the Multi-Commodity Exchange.
Investment Strategies for Gold
With gold prices at an all-time high, investors are looking for ways to capitalize on the trend. One option is to invest in gold ETFs, which offer a convenient and cost-effective way to invest in gold.
Another option is to invest in gold mutual funds, which offer a diversified portfolio of gold-related investments.
Investors can also consider investing in gold coins or gold bars, which offer a physical way to invest in gold.
Conclusion
In conclusion, gold prices in India have surged to a record high, driven by safe-haven demand and US-China trade tensions. Investors are looking for ways to capitalize on the trend, and there are several investment strategies available, including gold ETFs, gold mutual funds, gold coins, and gold bars.
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