Gold Nears Rs 1 Lakh Mark in City; Evening Trade Sees Further Rise
Gold prices in the city continued their strong upward trend, moving closer to the ₹1 lakh milestone. On December 22, gold rose by ₹640 per sovereign to reach ₹99,840 per sovereign (8 grams), while the price per gram increased by ₹80 to ₹12,480.
Earlier, on December 20, gold was priced at ₹99,200 per sovereign and ₹12,400 per gram, showing a marginal rise of ₹20. The yellow metal had touched its highest level of the year at ₹1,00,120 per sovereign on December 15.
Market sentiment remains bullish following the US Federal Reserve’s interest rate cut and its signal of further monetary easing next year. The weakening of the US dollar has boosted global safe-haven demand for gold, while a record-low rupee has supported higher domestic prices.
Gold had previously hit a yearly high of ₹97,600 per sovereign (₹12,200 per gram) on October 17. Since the start of the year, prices have surged sharply. On January 1, gold stood at ₹57,200 per sovereign (₹7,150 per gram). As of December 22, the price has increased by ₹42,640 per sovereign, marking a rise of nearly 74.5%.
Evening Update:
Gold prices climbed further during evening trade on December 22, with the price per gram rising by an additional ₹90 to reach ₹12,570 per gram, reflecting sustained buying interest.
Silver prices also witnessed a sharp rise, increasing by ₹5 to trade at ₹231 per gram (₹2,31,000 per kg) on December 22—the highest level recorded so far this year.
