Gold prices surge past ₹1.30 lakh per 10 grams, with Delhi seeing record highs. Experts predict gold could soon cross ₹1.50 lakh amid U.S. economic concerns and Fed rate cut expectations.
Gold prices have once again captured investors’ and jewelry buyers’ attention as they surged past the ₹1.30 lakh mark. Meanwhile, silver saw a slight decline in value. With recession concerns in the U.S. and the upcoming Federal Reserve meeting, the big question on everyone’s mind is whether gold will reach the historic ₹1.50 lakh per 10 grams milestone.
Gold Hits Record Levels in Delhi
On the morning of December 6, 24-carat gold in Delhi crossed the psychological ₹1.30 lakh per 10 grams level, reaching ₹1,30,090, while 22-carat gold used mainly in jewelry climbed to ₹1,19,260 per 10 grams. Experts believe that gold is unlikely to face any major declines in the coming days. Swenkar Sen, MD & CEO of Senko Gold, stated that if global market support continues, gold could soon surpass ₹1.50 lakh per 10 grams.
Other major cities, including Mumbai, Chennai, and Kolkata, also experienced a rise in gold prices, although slightly lower than Delhi. In these cities, 22-carat gold traded at ₹1,19,110 and 24-carat gold at ₹1,29,940 per 10 grams. Northern cities like Jaipur, Lucknow, and Chandigarh saw prices almost on par with Delhi, making gold purchases slightly more expensive for buyers in these regions.
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Silver Prices See a Minor Dip
While gold continues its upward trajectory, silver prices have declined slightly. On December 6, domestic silver prices fell to ₹1,86,900 per kilogram. Globally, silver is trading at $58.17 per ounce. This drop in silver may present an attractive opportunity for investors looking at industrial demand or planning to buy silver coins and utensils. Often, heavy gold buying leads to profit booking or currency fluctuations, which can indirectly impact silver prices.
Why Is Gold Rallying?
The recent surge in gold prices is not only due to domestic factors but also influenced by the U.S. economic situation. Recent U.S. payroll data shocked the markets, showing a decline in employment in November, marking the weakest monthly performance since 2023.
This weak data has raised concerns about a slowdown in the U.S. economy, increasing expectations that the Federal Reserve may cut interest rates soon. Economists explain that lower interest rates make bonds less attractive, prompting investors to move toward safe-haven assets like gold. The world is now closely watching the Federal Open Market Committee (FOMC) meeting scheduled for December 9-10, which could further impact gold prices.
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