【India】Silver Hits New Record, Gold Rises After US Fed Rate Cut; Check Today’s Latest Prices

Gold and silver prices saw a sharp increase today. Alongside this, silver reached a new record high. Let’s look at today’s latest prices.

Domestic commodity markets witnessed a strong rally in gold and silver prices on Thursday morning. The main reason behind this surge is the US Federal Reserve’s decision late Wednesday night to cut interest rates. The Fed cut rates by 0.25% for the third consecutive time and signaled only one more cut next year. This news boosted demand for precious metals in both domestic and international markets.

On the Multi Commodity Exchange (MCX), gold with February contract expiry rose by about 0.40% to reach ₹1,30,320 per 10 grams in the morning, while silver with March contract expiry jumped 1.81% to trade at ₹1,92,148 per kilogram. During the day, silver also set a new all-time high record of ₹1,93,452.

US gold’s February contract also surged over 1% to reach $4,271.30 per ounce, while silver continues to set new records. This year, the Fed has cut rates by a total of 75 basis points, bringing its benchmark rate into the 3.50-3.75% range. This is the lowest level since 2022.

According to Goodreturns, 24-carat gold in Chennai is selling at ₹1,31,460 per 10 grams today, while the price of 22-carat is at ₹1,20,500 per 10 grams. Meanwhile, in Mumbai, Kolkata, Bengaluru, Hyderabad, Kerala, and Pune, 24-carat gold is selling at ₹1,30,200 per 10 grams, while the price of 22-carat is at ₹1,19,350 per 10 grams.

Additionally, in Delhi, 24-carat gold was recorded at ₹1,30,350 per 10 grams, while the price of 22-carat is at ₹1,19,500. Following this, in Vadodara and Ahmedabad, 24-carat gold is selling at ₹1,30,250 and 22-carat at ₹1,19,400 per 10 grams.