Gold rate today: Gold hits record Rs 1.26 lakh per 10 grams; global uncertainties drive safe-haven demand

Gold rate today:Gold prices surged for the third consecutive day, rising Rs 2,600 to a fresh lifetime high of Rs 1,26,600 per 10 grams in the national capital on Wednesday, reflecting strong global trends amid geopolitical uncertainties triggered by the prolonged US government shutdown. The precious metal has gained Rs 6,000 over the past three days as investors flock to safe-haven assets, PTI reported.According to the All India Sarafa Association, 99.9 per cent purity gold had closed Rs 700 higher at Rs 1,24,000 per 10 grams on Tuesday, after a Rs 2,700 jump on Monday. On Wednesday, 99.5 per cent purity gold appreciated by Rs 2,600 to touch an all-time high of Rs 1,26,000 per 10 grams (inclusive of all taxes), after settling at Rs 1,23,400 in the previous session.Analysts attributed the surge to the ongoing US government shutdown and rising global geopolitical tensions. Silver prices also climbed Rs 3,000 to trade near a record high of Rs 1,57,000 per kilogram (inclusive of all taxes), after ending at Rs 1,54,000 per kg on Tuesday. The white metal had hit a previous high of Rs 1,57,400 per kg on Monday.In overseas markets, bullion saw robust traction, with spot gold rising nearly 2 per cent to reach $4,049.59 per ounce.“Spot gold climbed above the key $4,000 per ounce-mark for the first time, driven by safe-haven demand amid concerns about the US economy and the government shutdown. Geopolitical tensions in Ukraine, political instability in France and Japan, and rising expectations of Fed rate cuts amid ongoing data blackout also supported upside,” said Kaynat Chainwala, AVP Commodity Research, Kotak Securities, PTI quoted.Spot silver rose more than 2 per cent to $48.99 per ounce in global markets.