Gold rate today: Gold prices surged by Rs 1,100 on Wednesday to cross the Rs 1.21 lakh per 10 grams mark in the national capital, tracking firm global cues amid the US government shutdown after Congress failed to approve fresh federal funding.According to the All India Sarafa Association, 99.9 per cent purity gold jumped to Rs 1,21,100 per 10 grams, inclusive of all taxes, from Tuesday’s close of Rs 1,20,000 per 10 grams, PTI reported.In the local bullion market, gold of 99.5 per cent purity rose by Rs 1,100 to hit a lifetime high of Rs 1,20,500 per 10 grams, up from Rs 1,19,400 in the previous session.Silver prices remained flat at Rs 1,50,500 per kilogram, also at record levels, the association said.Traders said expectations of imminent interest rate cuts by the Federal Reserve, reinforced by a weakening US labour market, supported the rally in bullion prices.In overseas markets, spot gold rose more than 1 per cent to hit a record high of $3,895.33 per ounce, while spot silver gained nearly 2 per cent to reach $47.56 per ounce.
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