The gold prices surged to a six-month peak on Wednesday due to a declining dollar and increasing anticipation of a reduction in the US Federal Reserve's key policy rates. Spot gold traded at US dollar 2,041.55 per ounce, marking a 1.4 percent increase, reaching its highest level since May 10.
Meanwhile, US Gold futures also climbed by 1.4 percent, reaching US dollar 2,040.
On the other hand, Silver price increased by 1.4 percent, reaching US dollar 24.97 per ounce, platinum concluded with a rise of 2.3 percent at US dollar 939.80, whereas palladium dropped by 1.4 percent to US dollar 1,055.59 per ounce.
On Tuesday, gold on the New York Commodity Exchange surged by close to one percent, reaching US dollar 2,028 per ounce. This increase coincided with a decline in US government bond yields and a weakening dollar against numerous major currencies.
Gold price in India on Wednesday
Gold prices on Wednesday in India traded at an all-time high of Rs 5,810 per gram for 22-carat, while for 24-carat, the price was at Rs 6,338 per gram.
According to GoodReturns, on the morning of November 29, the price of 22-carat gold was Rs 58,100 for 10 grams, while 24-carat gold was priced at Rs 63,380 for the same quantity. Additionally, silver was reported at Rs 78,500 per kilogram.
Gold price - Citywise
In Mumbai, Kolkata, Kerala, Bangalore, and Hyderabad, the price of 10 grams of 22-carat gold stood at Rs 58,100, while 24-carat gold was priced at Rs 63,380.
In Delhi, 10 grams of 22-carat gold was priced at Rs 58,250, whereas in Chennai, it was Rs 57,700.
Similarly, in Delhi, the cost of 10 grams of 24-carat gold was Rs 63,530, whereas in Chennai, it was Rs 64,040.
