In recent days, the price of gold has experienced significant volatility, with fluctuating trends of increases and decreases. Following a dip on Tuesday, gold prices surged once again on Wednesday. This has led to widespread speculation about how close gold is to reaching the ₹1 lakh mark in Delhi and whether it will set new records in the near future. Understanding the current dynamics of gold and silver prices in the capital is crucial for investors and consumers alike.

According to the All India Sarafa Association, gold prices in Delhi increased by ₹500 on Wednesday, reaching ₹99,000 per 10 grams. This puts gold just ₹1,000 shy of the ₹1 lakh milestone. The price of 99.5% purity gold rose by ₹500 to ₹98,500 per 10 grams (all inclusive of taxes). Silver also saw a substantial jump, increasing by ₹1,000 to reach ₹1,00,000 per kilogram (all inclusive of taxes) on Wednesday, recovering from a ₹1,370 drop that closed at ₹99,000 per kilogram in the previous trading session. Concurrently, the Multi Commodity Exchange (MCX) also reflected an upward trend in gold and silver prices. At 6:40 PM, gold was trading ₹416 higher at ₹95,559 per ten grams, having seen an intra-day surge of ₹717 to ₹95,860. Silver, too, recorded an increase of ₹265, reaching ₹97,740 at the same time. The global spot gold market contributed to this rise, with prices up by $23.16 per ounce or 0.7 percent, reaching $3,323.87 per ounce. Analysts attribute this upward movement to market anticipation of the FOMC meeting details and comments from US Federal Reserve officials regarding future policy signals. Experts suggest that a potential interest rate cut by the Fed could further fuel the surge in gold prices.