On October 15, gold prices on the Indian Multi-Commodity Exchange (MCX) witnessed a historic surge. Gold opened at Rs 1,26,256 per 10 grams in morning trade and within hours reached a new all-time high of Rs 1,27,500 per 10 grams. Silver also surged, rising from Rs1,59,800 per kilogram to Rs 1,61,418. This day was a significant one for investors, as the precious metal reached its highest level ever in the domestic market.
Gold's Luster Increased Due to Global Factors
Several international factors have emerged as the reason behind this surge in gold prices. Escalating trade tensions between the US and China have driven investors to gold as a safe-haven option. Furthermore, expectations of an interest rate cut by the US Federal Reserve have further fueled this rally. Globally, gold continues to strengthen under pressure from the dollar's weakness and inflation. Gold has gained nearly 55% so far this year, with spot gold rising 0.4% to $4,155.99 per ounce.
Experts believe the market may remain bullish for the time being. However, they also warn that profit-booking may begin after such a high. For long-term investors, this level could set a new high for gold, while short-term investors should remain cautious.
Gold and silver prices in major cities today (October 15)
City Gold (Rs/10 grams) Silver (Rs/kg)
Delhi Rs 1,26,773 Rs 1,60,274
Mumbai Rs 1,26,720 Rs 1,60,130
Chennai Rs 1,26,985 Rs 60,540
Kolkata Rs 1,26,860 Rs 1,60,290
Jaipur Rs 1,26,940 Rs 1,60,410
Ahmedabad Rs 1,26,800 Rs 1,60,350
Bhopal Rs 1,26,875 Rs 1,60,380
Note: Gold and silver prices provided by us Rates are indicative and do not include other charges such as GST, TCS and making charges. Contact your local jeweller or jewellery shop for exact rates.