Gold hits Delhi record high as global prices rise on Fed cuts

Gold prices in New Delhi and global markets hit fresh records this week as a mix of weak U.S. labour data, expectations of Federal Reserve rate cuts and safe‑haven buying pushed the metal to new highs, then prompted brief intraday reversals before another sharp jump. In the national capital, gold rose to an all time high of Rs 1,12,750 per 10 grams on Tuesday, following earlier weekend peaks and a modest pullback at the start of the week, according to the All India Sarafa Association and market participants.

The rally accelerated after a string of U.S. labour market readings signalled cooling in payrolls and increased the odds that the Fed will ease policy at its September 16–17 meeting. Spot gold in global trade breached the USD 3,600 an ounce mark this week and touched an intraday high near USD 3,659, while Comex futures for December delivery climbed to around USD 3,662 per ounce, traders said.

The week began with steady gains. On Friday, local prices rose about Rs 900 to Rs 1,06,970 per 10 grams as investors priced in rate‑cut expectations. Over the weekend, 99.9 and 99.5 purity bars hit record levels in Delhi near Rs 1,07,870 and Rs 1,07,000 per 10 grams respectively. On...