ETV Bharat / business

Gold Breaches Rs 1.21 Lakh/10g On US Govt Shutdown, Fed Rate Cut Bets

Traders said a weakening labour market has reinforced expectations of imminent interest rate cuts by the Federal Reserve, further lending support to the bullion prices.

New Delhi: Gold prices rallied by Rs 1,100 to breach the Rs 1.21 lakh per 10 grams mark in the national capital on Wednesday, tracking firm global cues amid the US government shutdown after Congress failed to approve fresh federal funding.

According to the All India Sarafa Association, the precious metal of 99.9 per cent purity jumped Rs 1,100 to hit a fresh peak of Rs 1,21,100 per 10 grams (inclusive of all taxes). It had closed at Rs 1,20,000 per 10 grams on Tuesday.

In the local bullion market, gold of 99.5 per cent

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