Gold prices skyrocketed to a new lifetime high on Wednesday. This surge followed strong global trends. Investors are betting on interest rate cuts by the US Federal Reserve. Geopolitical tensions also fueled the rally.
Domestic Market Reaches Record Levels
On the Multi Commodity Exchange, gold futures for February jumped sharply. The contract rose by Rs 932. This represents a gain of 0.65 percent. It hit a record high of Rs 1,43,173 per 10 grams.
International Markets Follow Suit
In global markets, Comex gold futures for February delivery also climbed. They gained USD 37.61, or 0.82 percent. Prices hovered near a record level of USD 4,636.71 per ounce. The intraday peak touched USD 4,643.34 per ounce.
What's Driving the Rally?
The bullion rally stems from sustained demand for safe-haven assets. Investors are factoring in easing monetary policy expectations in the US. Persistent geopolitical uncertainties add to the bullish sentiment. This combination pushes prices upward.
Gold Prices in Major Indian Cities Today
Here is a breakdown of gold rates across key Indian cities on Wednesday:
Delhi
In Delhi, 22K gold is priced at Rs 13,180 per gram. This is up by Rs 100. Meanwhile, 24K gold costs Rs 14,377, higher by Rs 109.
Chennai
Chennai markets see 22K gold at Rs 13,280 per gram. The increase is Rs 110. For 24K gold, the price is Rs 14,488, up by Rs 120.
Mumbai
Mumbai reports 22K gold at Rs 13,165 per gram. It rose by Rs 100. The 24K gold price stands at Rs 14,362, higher by Rs 109.
Kolkata
In Kolkata, 22K gold is priced at Rs 13,165 per gram. This marks a rise of Rs 100. The 24K gold costs Rs 14,362, up by Rs 109.
Ahmedabad
Ahmedabad markets list 22K gold at Rs 13,170 per gram. The increase is Rs 100. For 24K gold, the selling price is Rs 14,367, higher by Rs 109.
Jaipur
Jaipur sees 22K gold at Rs 13,180 per gram. It gained Rs 100. The 24K gold price is Rs 14,377, up by Rs 109.
Hyderabad
In Hyderabad, 22K gold costs Rs 13,165 per gram. This is up by Rs 100. The 24K gold is priced at Rs 14,362, higher by Rs 109.
Bhubaneswar
Bhubaneswar markets price 22K gold at Rs 13,165 per gram. The rise is Rs 100. For 24K gold, the selling price is Rs 14,362, up by Rs 109.
Patna
In Patna, 22K gold is at Rs 13,170 per gram. It increased by Rs 100. The 24K gold price stands at Rs 14,367, higher by Rs 109.
Lucknow
Lucknow reports 22K gold at Rs 13,180 per gram. This marks a significant rise of Rs 134. The 24K gold costs Rs 14,377, up by Rs 109.
The overall trend shows a strong upward movement in gold prices. Both domestic and international factors are at play. Investors continue to seek safety in gold amid economic and geopolitical uncertainties.
