Gold hits record high 40 days before Dhanteras; Rises Rs 9,000 in 9 days

Experts believe that weak employment data in the US has increased expectations of interest rate cuts, due to which the dollar index has reached a 7-month low. Gold prices have risen due to the weakness of the dollar.

New Delhi: Gold prices are continuously increasing in the local markets of India as well as in foreign markets. On Tuesday, the price of gold in Delhi increased by Rs 5,080, taking gold to a lifetime high of Rs 1,12,750 per 10 grams. In the first 9 days of this month, the price of gold has risen by more than Rs 9,000, which shows an increase of about 9 percent.

Increasing Demand And Falling Dollar Index

Experts believe that weak employment data in the US has increased expectations of interest rate cuts, due to which the dollar index has reached a 7-month low. Gold prices have risen due to the weakness of the dollar. Apart from this, global trade tensions and increased investment in gold ETFs have also increased the demand and prices of gold.

Gold and Silver Prices hit record highs ahead of festive season in India

Record Gold And Silver Prices In Delhi

The price of 99.9 percent pure gold reached Rs 1,12,750 per 10 grams in the national capital Delhi on Tuesday. On the same day, the price of silver also rose to a record level of Rs 1,28,800 per kg. Earlier, the price of silver was Rs 1,26,000 per kg.

Major Increase In Gold In September

This calendar year of 2024 has seen a rise in the price of gold by Rs 33,800 per 10 grams or about 43 percent. The price of gold was Rs 1,03,670 per 10 grams at the end of August, which reached above Rs 9,000 in the first 9 days of September.

Gold and Silver prices soar ahead of festive season; Know the latest rates

Record Level Of Gold In Global Market Too

Gold has also broken records in the global market. On Tuesday, the price of gold hit a high of $3,659.27 an ounce, which later stabilized at $3,652.72 an ounce. Due to weak US labor market data, investors are moving towards safe assets, which has increased the demand for gold.

Dollar Pressure And Geopolitical Tensions

Experts said that gold prices are rising due to expectations of interest rate cuts by the Federal Reserve, dollar weakness and rising geopolitical tensions. The Russia-Ukraine war and global tariff tensions have further increased the demand for safe haven assets.

With this rise, gold is becoming attractive for investors and customers, especially as Dhanteras approaches. Gold made a record 40 days before Dhanteras, the price increased by Rs 9000 in 9 days