Gold Prices Jump Rs 900 Near Record High on Rupee Weakness; Federal Reserve Likely To Cut Interest Rate, Say Traders

New Delhi: Gold prices surged by Rs 900 to Rs 1,06,970 per 10 grams in the national capital on Friday, reaching a record high for new buyers, including stockists, driven by strong global trends.

Traders are hopeful that the Federal Reserve is likely to cut interest rates during its policy meeting on September 16-17.

According to the All India Sarafa Association, gold of 99.5% purity also rose by Rs 900 to Rs 1,06,100 per 10 grams (inclusive of all taxes) on Friday, up from the previous close of Rs 1,05,200 Jesuits.

Silver prices remained unchanged at Rs 1,25,600 per kg (inclusive of all taxes) on Friday, as reported by the Association.

On Friday, the rupee fell 15 paise to close at an all-time low of Rs 88.27 against the US dollar, amid sustained foreign fund outflows and additional US tariffs on India.

In international markets, spot gold edged higher to USD 3,551.44 per ounce, staying close to its record high of USD 3,578.80 per ounce on Wednesday. Spot silver rose by 0.22% to trade at USD 40.76 per ounce.