New Delhi, October 7: Gold prices surged by Rs 700, hitting an all-time high of Rs 1.24 lakh per 10 grams in the national capital New Delhi on Tuesday. This rally was driven by mounting concerns over the ongoing US government shutdown. It heightened speculation of potential rate cuts by the Federal Reserve, which fueled investor demand for the safe-haven metal.

According to the All India Sarafa Association, gold with 99.9% purity closed at Rs 1,23,300 per 10 grams on Monday.

In the local bullion market, gold of 99.5% purity also saw a Rs 700 increase, reaching a record peak of Rs 1,23,400 per 10 grams (including all taxes). The metal had settled at Rs 1,22,700 per 10 grams in the previous trading session.

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