Gold breaches Rs 1.21 lakh/10g on US govt shutdown, Fed rate cut bets
New Delhi (PTI): Gold prices rallied by Rs 1,100 to breach the Rs 1.21 lakh per 10 grams mark in the national capital on Wednesday, tracking firm global cues amid the US government shutdown after Congress failed to approve fresh federal funding.
According to the All India Sarafa Association, the precious metal of 99.9 per cent purity jumped Rs 1,100 to hit a fresh peak of Rs 1,21,100 per 10 grams (inclusive of all taxes). It had closed at Rs 1,20,000 per 10 grams on Tuesday.
In the local bullion market, gold of 99.5 per cent purity appreciated by Rs 1,100 to hit a lifetime high of Rs 1,20,500 per 10 grams (inclusive of all taxes) on Wednesday. The yellow metal had settled at Rs 1,19,400 per 10 grams in the previous session.
However, silver prices remained flat at Rs 1,50,500 per kilogram (inclusive of all taxes), also at its record levels, as per the association.
Traders said a weakening labour market has reinforced expectations of imminent interest rate cuts by the Federal Reserve, further lending support to the bullion prices.
In the overseas markets, spot gold rose more than 1 per cent to hit a record high of USD 3,895.33 per ounce, while spot silver increased by nearly 2 per cent to hit a high of USD 47.56 per ounce.
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Allen, Raghuvanshi, Green power KKR to 29-run win over GT
Kolkata (PTI): Finn Allen blasted a 35-ball 93, while Angkrish Raghuvanshi hit an unbeaten 44-ball 82 as Kolkata Knight Riders kept their playoff hopes alive with a 29-run win over Gujarat Titans in the IPL match here on Saturday.
Sent in to bat, Allen went on a six-hitting spree, smashing 10 maximums and four boundaries to add 95 off 41 balls with Raghuvanshi (82).
Raghuvanshi then shared another 108 off 53 balls with Cameron Green (52 not out) to power KKR to a challenging 247 for 2.
In reply, GT could manage 218-4, riding on skipper Shubman Gill's 49-ball 85 and a 35-ball 57 from Jos Buttler. Opener Sai Sudarsan was retired hurt but returned to make a 28-ball 53 not out.
Sunil Narine (2/29) claimed two wickets and Saurabh Dubey snapped one for KKR.
For GT, Mohammed Siraj (1/50), Sai Kishore (1/38) were the wicket-takers.
Brief Score:
KKR: 247 for 2 in 20 overs (Finn Allen 93, Angkrish Raghuvanshi 82 not out, Camero Green 52 not out; Mohammed Siraj 1/50).
GT: 218 for 4 in 20 overs (Shubman Gill 85, Sunil Narine 2/29).
