Gold price in India rose to Rs 95,060 per 10 grams as of 6:37 a.m. on May 6, according to the India Bullion Association.
Rates in New Delhi also saw a rise at Rs 94,720 per 10 grams, according to the association. The price in Mumbai was higher at Rs 94,890. In Kolkata, the rate rose to Rs 94,760. While in Bengaluru, the rate was at 94,960. With the price at Rs 95,160, Chennai continued to see the highest rate in the country.
The futures prices for the yellow metal on Multi Commodity Exchange rose to Rs 94,750 for the June. 5 futures. The gold price had crossed the Rs 97,000 per 10-gram mark for the first time on the MCX in April touching fresh highs.
Gold prices have been climbing due to a combination of economic uncertainty, geopolitical tensions, and strong demand from central banks.
Leading the charge for economic uncertainty are expectations of a potential trade war which were offset by April 2 ‘Liberation Day’ tariffs imposed by US President Donald Trump on multiple countries and China imposing retaliatory tariffs on the US.
The gold spot price was up 0.84% as it traded at $3,362.21 on Tuesday. Notably the precious metal has been steadily climbing to record highs over the past six months as it recently hit an all-time high of $3,500 on April 22.
Gold prices crossed the $3,500-an-ounce mark for the first time ever in April.
Silver Rates Today
Silver price also rose to Rs 94,490 after crossing the Rs 1 lakh mark multiple times in the past couple of months, according to the India Bullion Association. Strong industrial demand for silver, fuelled by its importance in renewable energy technologies and electronics, has been driving the surge.
. Read more on Markets by NDTV Profit.Gold price in Mumbai was higher at Rs 94,890. Read MoreMarkets, Business
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