Gold Hits Record Rs1.40 Lakh as Global Price Nears $4500

Chennai: Gold prices zoomed past Rs 1.40 lakh in the spot market on Tuesday as the international rates continued their climb closer to $4500 per ounce, marking the 50th record high this calendar year. In the domestic market, gold has appreciated 80 per cent since the beginning of the year.

In the international market gold almost touched $4495 per ounce, driven by expectations of easier US monetary policy and intensifying geopolitical risks. In the Delhi spot market, prices touched Rs 1,40,850 per 10 gm, gaining Rs 2650 from the previous day. Silver too made a new high of Rs 2,17,250 per kg as the white metal crossed $70 per ounce in the global market.

“Investors are increasingly confident that the Federal Reserve will deliver two quarter-point rate cuts next year as inflation moderates and labour market conditions soften. Focus has now shifted to the second estimate of US third-quarter GDP, which may further shape policy expectations. Safe-haven demand has also strengthened amid escalating tensions between the US and Venezuela following multiple oil tanker seizures,” said Ajay Kedia, MD, Kedia Commodities.

Supported by strong central bank purchases and steady ETF inflows, gold has rallied nearly 70 per cent this year in the international market, its strongest performance since 1979. In the Multi Commodity Exchange, gold prices have moved up 80 per cent since the start of the calendar year.

Major banks have predicted that gold will trade between $4,500-$4,700 in 2026, with upside toward $5,000 if macro conditions persist. As per Goldman Sachs’ forecast, gold will touch $4900 next year.