New Delhi, November 26: Gold prices surged Rs 1,200 to Rs 1,30,100 per 10 grams in Delhi on Wednesday, nearing a two-week peak, as expectations of US Federal Reserve rate cuts lifted international markets, the All India Sarafa Association said.
The 99.5 per cent purity metal also rose to Rs 1,29,500 per 10 grams, inclusive of taxes. “The rally reflects optimism over potential Fed rate cuts, supported by softer US economic data,” said Saumil Gandhi, Senior Analyst at HDFC Securities.
Silver followed suit, rising Rs 2,300 to Rs 1,63,100 per kilogram, marking its second consecutive day of gains. In global trade, spot gold touched USD 4,164.30 per ounce, while silver climbed to USD 52.37 per ounce.
“Gold’s move ahead of US economic data shows markets pricing in further Fed easing,” Kaynat Chainwala, Kotak Securities, said. Praveen Singh of Mirae Asset Sharekhan noted that speculation around Kevin Hassett as the next Fed chair could accelerate rate cuts, aligning with the US administration’s low-rate approach.
Renisha Chainani, Augmont’s Head of Research, said, “While peace prospects between Russia and Ukraine may cap gains, the overall trend for gold remains upward as investors watch US data closely.”
