New Delhi: Gold price surged Rs 1,800 to touch a fresh peak of Rs 1,15,100 per 10 grams in the national capital on Tuesday amid a weak US dollar and growing expectations of rate cut by the Federal Reserve.
According to the All India Sarafa Association, the precious metal of 99.5 per cent purity appreciated Rs 1,800 to hit a record high of Rs 1,14,600 per 10 grams (inclusive of all taxes).
In the local bullion market, gold of 99.9 per cent and 99.5 per cent purity dipped Rs 500 each to close at Rs 1,13,300 and Rs 1,12,800 per 10 grams in the previous market session.
“Gold reached another record high on Tuesday with a weak US dollar and growing expectations for multiple rate cuts by the Federal Reserve fuel this rally. The dollar index has dropped to its lowest level in ten weeks, which continues to support the rally in precious metal prices,” said Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities.
In addition, silver climbed Rs 570 to hit an all-time high of Rs 1,32,870 per kilogram (inclusive of all taxes) on Tuesday. The white metal had ended at Rs 1,32,300 per kg on Monday.