Gold rate today: Prices surge Rs 900 near record high; silver stays flat at Rs 1.25 lakh per kg

Gold rate today: Gold prices soared by Rs 900 to Rs 1,06,970 per 10 grams in the national capital on Friday, edging closer to record highs amid rupee weakness, firm global trends, and expectations of a US Federal Reserve rate cut later this month.According to the All India Sarafa Association, gold of 99.5 per cent purity also advanced by Rs 900 to Rs 1,06,100 per 10 grams (inclusive of all taxes), compared with the previous close of Rs 1,05,200. Silver prices, however, remained unchanged at Rs 1,25,600 per kg, PTI reported."Gold rose on the last trading day of the week, fuelled by expectations of lower US interest rates and safe-haven demand. Following Thursday's disappointing employment report, markets fully priced in a September rate cut," said Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities.He added that pessimism surrounding the Russia-Ukraine peace talks, due to lack of progress, has also boosted safe-haven demand.The rupee closed at an all-time low of Rs 88.27 against the dollar on Friday, down 15 paise amid sustained foreign fund outflows and fears of fresh US tariffs on India.In global markets, spot gold edged higher to $3,551.44 per ounce, staying close to its record high of $3,578.80 per ounce touched on Wednesday.

Spot silver rose 0.22 per cent to trade at $40.76 per ounce.“The US nonfarm payroll report to be released later in the day is a crucial indicator, as it will throw more light on the job market situation and shape the Federal Reserve's monetary policy decision,” said Praveen Singh, Head of Commodities and Currencies at Mirae Asset ShareKhan. “The Fed is now focusing more on the job market than inflation control, and a weak report will increase the chances of successive rate cuts,” he added.