Gold Up Rs 500 To Hit Rs 1.2 lakh Per 10 gm
The silver prices increa-sed by Rs 500 to hit a new peak of Rs 1,50,500 per kilogram on Tuesday.
New Delhi: 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.
The silver prices increa-sed by Rs 500 to hit a new peak of Rs 1,50,500 per kilogram on Tuesday. It had surged Rs 7,000 to hit a fresh peak of Rs 1,50,000 per kg on Monday.
According to All India Sarafa Association, the gold had rallied Rs 1,500 to close at Rs 1,19,500 per 10 grams on Monday. Gold of 99.5 per cent purity exte-nded the gains for fourth straight session by rising `500 to hit a record high of Rs 1,19,400 per 10 grams in 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,” said Kaynat Chainwala, AVP Commodity Research, Kotak Securities.
Meanwhile, the rupee fell 5 paise to a new low of 88.80 against the US dollar on Tues-day, pressured by sustained foreign capital outflows amid global trade uncertainties.
However, a steep fall in global crude oil prices, along with a weaker gre-enback, prevented a sharp decline in local unit, according to traders.