Gold prices in the domestic market have surged to a historic high due to a sharp increase in the international market. In the bullion market of delhi NCR, gold has touched a new milestone, reaching Rs 65,000 per 10 grams for the first time, reflecting an Rs 800 increase from the previous session's closing of Rs 64,200 per 10 grams.
Senior Commodity Analyst at hdfc Securities, Saumil Gandhi, reported that 24-carat gold in Delhi's bullion market has witnessed this significant increase. silver has also experienced a boost, reaching Rs 74,900 per kg with a rise of Rs 900 compared to the last session's Rs 74,000 per kg.
The surge in gold prices is attributed to factors such as the speculation of a potential interest rate cut by the Central bank of America in the international market. Currently trading at $2,110 per ounce in the Comex commodity market, gold has seen a one percent increase from the previous trading session.
Speculation has grown regarding a possible interest rate cut by the US Federal Reserve in June, after initial indications pointed towards a cut in March. This speculation has driven the recent rise in gold prices. Over the last three trading sessions, gold prices on the Multi Commodity Exchange (MCX) have increased by more than Rs 2,400. The latest closing on MCX stands at Rs 64,791, reflecting a 0.51 percent or Rs 329 rise.
This surge comes after a period of relative stability, with gold trading around Rs 62,000 on average in February. However, the sudden increase in international gold prices in early march has had a noticeable impact on the domestic market, leading to the current record high.
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