Gold Prices Surge Amid Global Market Trends and Rate Cut Expectations

Gold prices continue to climb for the fifth consecutive session, reaching Rs 75,700 per 10 grams locally due to sustained buying and international market trends. Silver also saw a rise. Analysts attribute this to the anticipated interest rate cut by the US Federal Reserve and increased demand from local jewellers.

Gold prices extended their rally for the fifth straight session, rising by Rs 550 to Rs 75,700 per 10 grams in the local market on Tuesday, driven by sustained buying from jewellers and a persistent uptrend in the international markets.

In the national capital, gold of 99.9 percent and 99.5 percent purity was quoted higher at Rs 75,700 per 10 grams and Rs 75,350 per 10 grams, respectively. According to the All India Sarafa Association, the precious metal had closed at Rs 75,150 per 10 grams on Monday.

Analysts attribute the rise in gold prices to increased demand from local jewellers and an upward trend in the international market, amid expectations of an interest rate cut by the US Federal Reserve. Internationally, gold prices on Comex hit an all-time high of USD 2,452 per ounce on Tuesday.

(With inputs from agencies.)