Gold and Silver Prices Surge to Record Highs Amid Global Rally

Gold prices hit a record high of Rs 77,850 per 10 grams in India, driven by global market trends and a weaker dollar. Silver also saw significant gains, reaching Rs 93,000 per kg. Analysts attribute the surge to expectations of rate cuts, high demand, and geopolitical tensions.

Gold prices in the national capital surged by Rs 900 to reach an unprecedented high of Rs 77,850 per 10 grams on Wednesday, amid a global rally in precious metal rates, as reported by the All India Sarafa Association.

The precious metal, with a purity of 99.9 per cent, had closed at Rs 76,950 per 10 grams just the previous day. Silver also saw a remarkable increase, soaring by Rs 3,000 to Rs 93,000 per kg due to fresh demand from industrial units and coin manufacturers. It had ended at Rs 90,000 per kg in the prior session.

Additionally, gold with 99.5 per cent purity also climbed Rs 900, hitting a record level of Rs 77,500 per 10 grams, after closing at Rs 76,600 per 10 grams on Tuesday. Internationally, gold prices are expected to surpass USD 3,200 per ounce, according to Surendra Mehta, National Secretary at India Bullion and Jewellers Association (IBJA). Analysts attribute the ongoing bull run in gold prices to a weaker dollar, anticipated rate cuts from global central banks, safe haven demand, and ETF fund inflows.

MCX futures trade also saw gold contracts for October delivery reach a fresh high of Rs 76,000 per 10 grams, while silver contracts for December delivery fell slightly to Rs 91,974 per kg. Globally, Comex gold was trading 0.15 per cent higher at USD 2,681.10 per ounce, hitting a record high of USD 2,694.89 per ounce during the day. Analysts also noted strong expectations for further US interest rate cuts and aggressive stimulus measures from China as factors behind the surge.