NEW DELHI– Gold and silver prices soared to fresh all-time highs on Monday, fueled by geopolitical concerns and growing expectations of a U.S. Federal Reserve rate cut.
According to the India Bullion and Jewellers Association (IBJA), 24-carat gold surged by Rs 1,699 to Rs 1,08,037 per 10 grams, up from Rs 1,06,338. Prices of 22-carat gold rose to Rs 98,962 per 10 grams, while 18-carat gold climbed to Rs 81,028 per 10 grams.
Silver also posted sharp gains, jumping Rs 1,243 to a record Rs 1,24,413 per kilogram, compared with the previous rate of Rs 1,23,170.
The bullish momentum was reflected in the futures market as well. On the Multi Commodity Exchange (MCX), gold for October delivery was trading 0.39 percent higher at Rs 1,08,147, while silver contracts for December were up 0.70 percent at Rs 1,25,569.
In global markets, gold rose 0.20 percent to $3,660.42 per ounce on Comex, while silver advanced 0.87 percent to $41.91 per ounce.
“Gold took positive cues with gains of $28 at $3,615 on Comex and Rs 300 at Rs 1,08,000 on MCX, after last week’s weak Non-Farm Payrolls data strengthened expectations of a Fed rate cut in the upcoming meeting,” said Jateen Trivedi of LKP Securities.
He added that tariff uncertainties, combined with firm expectations of monetary easing, continue to provide strong support to bullion.
Market watchers said upcoming U.S. inflation data — CPI and Core CPI — will be key in determining price trends and volatility this week. Trivedi noted that gold is seeing support around $3,560 (Rs 1,06,500) and resistance at $3,650 (Rs 1,09,500). (Source: IANS)
