Gold prices on Tuesday climbed Rs 500 to touch record Rs 1.20 lakh per 10 grams in the national capital due to a weak dollar and expectations of further rate cuts by the US Federal Reserve.
According to the All India Sarafa Association, the yellow metal had rallied Rs 1,500 to close at Rs 1,19,500 per 10 grams on Monday.
Gold of 99.5 per cent purity extended the gains for the fourth straight session by rising Rs 500 to hit a record high of Rs 1,19,400 per 10 grams (inclusive of all taxes) in the local bullion market.
The precious metal had settled at Rs 1,18,900 per 10 grams in the previous market session.
“Gold prices surged as investors turned jittery amid looming prospects of a US government shutdown after talks between Trump and congressional leaders ended without agreement on short-term funding.
“This unsettled investors as it could delay the release of the official jobs report and complicate the Federal Reserve’s policy trajectory,” said Kaynat Chainwala, AVP Commodity Research, Kotak Securities.
In addition, silver prices increased by Rs 500 to hit a new peak of Rs 1,50,500 per kilogram (inclusive of all taxes) on Tuesday. It had surged Rs 7,000 to hit a fresh peak of Rs 1,50,000 per kg on Monday.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 97.80, lower by 0.10 per cent, further lent support to the bullion prices.
Globally, bullion prices retreated from record highs to trade lower as investors booked profits on elevated levels.
Spot gold fell 0.55 per cent to USD 3,813.14 per ounce. It hit a record high of USD 3,871.72 per ounce in the intraday session.
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Spot silver dipped 1.51 per cent to trade at USD 46.22 per ounce in the overseas markets.
“The yellow metal hit a fresh record high of USD 3,871 per ounce and is currently trading with a loss at USD 3,818 per ounce as traders booked profits on elevated levels,” said Praveen Singh, Head of Commodities and Currencies at Mirae Asset ShareKhan.
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