Gold jumps by Rs 900 to Rs 1,06,970 per 10 grams

New Delhi: Gold prices jumped by Rs 900 to Rs 1,06,970 per 10 grams in the national capital on Friday, inching closer to record high levels on fresh buying by stockists and firm global trends.

Traders said the rally was growing amid conviction that the Federal Reserve may opt for an interest rate cut at its upcoming policy meeting on September 16-17.

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) on Friday, from the previous close of Rs 1,05,200 per 10 grams.

Silver prices remained flat at Rs 1,25,600 per kg (inclusive of all taxes) on Friday, as per the Association.

In the international markets, spot gold edged higher to $3,551.44 per ounce, remaining close to its record high of $3,578.80 per ounce on Wednesday. Spot silver rose by 0.22 per cent to trade at $40.76 per ounce.