New Delhi: Gold and silver prices soared sharply on Wednesday after the US Federal Reserve announced its third consecutive interest rate cut. Though the reduction was smaller than widely expected, it triggered a strong rally in precious metals. Silver, in particular, climbed back to a fresh all-time high, reflecting robust global demand.
Gold Jumps Over ₹700 on MCX
On the Multi Commodity Exchange (MCX), gold futures for February 5 delivery opened at ₹1,30,250 per 10 grams, up from the previous close of ₹1,29,796. In early trade, prices touched an intraday high of ₹1,30,590.
At 10:30 am, gold was trading ₹731 higher, rising 0.56% to ₹1,30,527 per 10 grams.
Silver Hits Record Levels Again
Silver witnessed another spectacular rise. Futures for March 5 delivery opened at ₹1,89,908 per kg, compared to the previous close of ₹1,88,735. Prices surged to ₹1,93,452 per kg in early trade — the highest ever recorded.
At 10:30 am, silver was trading ₹3,976 higher, a 2.11% gain, at ₹1,92,711 per kg.
Global Market Update
In the international market, spot gold rose 0.7% to $4,236.57 per ounce. However, US gold futures for February delivery slipped 0.3% to $4,224.70.
Silver continued its remarkable rally, with spot prices soaring to a record $61.85 per ounce. Silver has surged 113% this year, driven by:
- Strong industrial demand
- Shrinking global inventories
- The US declaring silver a “critical mineral,” boosting long-term outlook
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