Gold rates spike at ₹65,000 per 10 grams, reaches a record high in New Delhi

Due to strong worldwide trends, gold prices saw a notable spike on Tuesday, increasing by ₹800 to hit a new record high of ₹65,000 per 10 grams in the nation’s capital, as reported by HDFC Securities.

Taking positive signals from the foreign markets, spot gold prices (24 carats) in the Delhi markets are trading at ₹65,000 per 10 grams, up ₹800.

“In domestic markets, spot gold hit a new all-time high of ₹65,000 on Tuesday,” Saumil Gandhi, senior analyst of commodities at HDFC Securities, stated.

Silver too saw a significant increase, rising by ₹900 to ₹74,900 per kilogram. The last trading session saw it reach a settlement of ₹74,000 for each kilogram.

Rising rumors of a possible interest rate cut by the US Federal Reserve in June contributed to this spike in gold prices. As a result, throughout the previous three days, gold saw a noteworthy increase of more than ₹2,400 on the Multi Commodity Exchange (MCX).

“The rise was also fuelled by signs of slowing industrial and construction spending in the US, coupled with a decrease in inflationary pressures,” Jateen Trivedi, VP Research Analyst at LKP Securities, added.

“Gold and silver prices were recovered and are trading positive, despite a steady dollar in the overseas market while steady moves in global equities and uncertainty over the US Fed’s policies on cutting interest rates have pushed investors towards the safer asset,” Pranav Mer, VP of Research (Commodity & Currency) at BlinkX and JM Financial, mentioned.