Gold scales new peak of Rs 1.4 lakh/10g in Delhi markets as global prices hit records
New Delhi (PTI): Gold prices stayed in ascending order for the second straight day, climbing Rs 2,650 to a fresh peak of Rs 1,40,850 per 10 grams in the national capital on Tuesday, tracking robust trends in the global markets, according to the All India Sarafa Association.
The precious metal of 99.9 per cent purity closed at Rs 1,38,200 per 10 grams on Monday.
So far this year, gold prices in the domestic market have jumped by Rs 61,900, or 78.40 per cent, from Rs 78,950 per 10 grams recorded on December 31, 2024.
Silver also rallied for the second consecutive day, surging Rs 2,750 to touch a record of Rs 2,17,250 per kilogram (inclusive of all taxes). In the previous session, the white metal settled at Rs 2,14,500 per kg after registering a sharp rise of Rs 10,400 per kg.
"An unprecedented rally continues in bullion, with spot gold nearing another milestone at the USD 4,500 mark.
"The latest round of rallies is driven by expectations that the Federal Reserve will deliver more than one rate cut in 2026, alongside rising geopolitical tensions that are strengthening the safe-haven appeal of gold and silver," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.
During the calendar year, silver prices have added Rs 1,27,550, or 142.2 per cent, from Rs 89,700 per kilogram recorded on December 31, 2024.
On Tuesday, spot gold increased by USD 54.3, or 1.22 per cent, to hit a record of USD 4,498 per ounce in the international markets.
"Gold has extended its sharp rally to almost USD 4,500 per ounce on geopolitical jitters and weaker dollar as markets expect the Federal Reserve to cut rates more than two times next year," Praveen Singh, Research Analyst, Mirae Asset ShareKhan, said.
During the calendar year, spot gold prices have surged by USD 1,892.23, or 72.62 per cent, from USD 2,605.77 per ounce, recorded on December 31, 2024.
Meanwhile, spot silver rose 1.4 per cent to breach the USD 70-per-ounce mark for the first time in the overseas trade. So far this year, silver prices have soared by USD 41.03, or 141.62 per cent, from USD 28.97 per ounce, recorded on December 31, 2024.
"Investors will now turn their attention towards the second estimate of third-quarter US GDP data, which is due later in the day and might provide clues into the health of the US economy and the future course of Federal Reserve's monetary policy outlook," Renisha Chainani, Head - Research at Augmont, said.
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Inappropriate for MLAs seeking free IPL tickets, says D.K. Suresh
Bengaluru: Bengaluru Milk Union Ltd President D.K. Suresh on Monday said it is inappropriate for MLAs to seek free IPL tickets, adding that those interested in watching matches should pay for them personally.
Speaking to reporters near his residence in Sadashivanagar, he said, “IPL is a commercial tournament and does not represent the country. It is not right for public representatives to focus too much on such matters.”
Referring to the recent controversy during the RCB celebrations, he said, “let us find out who benefited the most from the statements made during the incident.” He also pointed out that BJP MLAs had received IPL tickets as well.
Responding to discussions about relocating the Chinnaswamy Stadium, Suresh said the government has already approved the construction of a new stadium at a location he had proposed.
“I had suggested building a stadium in Surya City and submitted a proposal for it. Bengaluru needs four stadiums in four directions to cater to its growing population and encourage youth participation in sports,” he said.
He noted that apart from Kanteerava Stadium, KSCA, and the Football Stadium, there are limited facilities in the city.
“When I was a Lok Sabha member, I had proposed allocating 100 acres in my constituency at Surya City. The land was later earmarked and the plan approved,” he added.
Suresh said he has discussed the project with Minister Zameer Ahmed Khan, Rajiv Gandhi Housing Corporation Chairman Shivalingegowda, and Anekal MLA Shivanna.
“The Cabinet has now approved the project, and a stadium will be developed on around 50–60 acres,” he said.
He further added that he has requested the Deputy Chief Minister to build another stadium at Shivarama Karanth Layout through the BDA, where 40 acres have been allocated. Plans are also being discussed to develop a well-equipped stadium in Bidadi.
Commending state government's recent bilingual policy move, Suresh said forcing children to learn three languages could affect their comprehension.
“It is a good decision to make two languages compulsory. Learning a third language should be left to the choice of students and parents,” he said.
Responding to criticism from BJP leaders, he said their tendency is to oppose every decision of the government.
“To please their central leadership, they take a pro-Hindi stance. Instead, they should advocate for the adoption of Kannada in all states,” he said.
When asked about the earlier three-language policy under Congress, he said, “the situation is different now. Today, the focus should be on quality learning. Kannada should remain the primary language, while students and parents can choose an additional language.”
