Gold and Silver Prices Surge Amid Fed Rate Cut Speculations

Gold and silver prices soared to new heights in the national capital on Friday, with gold reaching Rs 1,13,800 per 10 grams and silver crossing Rs 1,32,000 per kilogram. This surge was spurred by escalating global demand and increasing expectations of an interest rate cut by the US Federal Reserve next week.

According to the All India Sarafa Association, gold of 99.9 percent purity jumped Rs 700, closing at a record high of Rs 1,13,800 per 10 grams, marking its fourth consecutive session of gains. Similarly, silver experienced a sharp rebound, climbing by Rs 4,000 to an all-time high of Rs 1,32,000 per kilogram, supported by strong industrial demand and ETF inflows.

Analysts cited recent US economic data and expectations of multiple rate cuts as key drivers of this rally, while investors keep a keen eye on imminent US labor market updates and political events which could shape future interest rate directions.

(With inputs from agencies.)