Gold crosses ₹1.16 lakh in India: Check how much it costs in your city

Gold prices in India surged to a fresh record on Tuesday, crossing the ₹1,16,000 per 10 gm mark amid festive demand and global safe-haven buying. The yellow metal was quoted at ₹1,16,410 in the domestic market, up by ₹1,470 from Monday’s close of ₹1,14,940, according to the India Bullion Co.

This new peak eclipses the earlier high of ₹1,14,360 on September 23. Gold had already breached the ₹1,10,000 level on September 15, driven by expectations of a U.S. Federal Reserve rate cut—a move that analysts say will continue to support bullion prices.

A commodities expert noted that with the labour market and inflation still weighing on the U.S. Federal Reserve, policymakers are likely to keep monitoring data closely. The expert added that while the outlook for gold remains positive in the long term, some profit booking could occur in the near term as investors take gains.

Prices varied across key Indian cities on Tuesday:

• New Delhi: ₹1,16,000 per 10 gm
• Mumbai: ₹1,16,200
• Bengaluru: ₹1,16,290
• Kolkata: ₹1,16,050
• Chennai: ₹1,16,540 (the highest)

On the futures market, December 5 contracts were trading at ₹1,16,370 on the Multi Commodity Exchange (MCX). Globally, spot gold touched $3,847 per ounce, with Bloomberg data showing Monday’s all-time high of $3,850.

Silver too followed suit, rising to ₹1,43,170 per kg in the spot market, compared to ₹1,42,190 on Monday. October 5 silver futures stood at ₹1,43,120 on the MCX.

Analysts say the festive season demand, coupled with central bank buying and investor appetite for safe-haven assets, is likely to keep gold shining in the months ahead.