New Delhi: Gold in the bullion market today rose by Rs 1,400 to a record level of Rs 44,870 per ten grams, after the US Federal Reserve cut interest rates by 0.5 percent, in the bullion market. Gold saw an increase for the third consecutive day. Silver also jumped by Rs 1,250 to a one-week high of Rs 47,700 per kg.

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On Tuesday, the gold spot in overseas markets strengthened by 3 percent, the biggest one-day gain since 2016, after the US Federal Reserve announced a cut in interest rates. Its effect was seen in the opening of the local market today. According to information received from London and New York, both precious metals softened today after the big gains of the previous day. Gold spot fell by $ 8.60 to $ 1,636.95 an ounce. US gold futures for April were also quoted at $ 1,636.90 an ounce, with a weakness of $ 7.50.

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The silver spot was at $ 17.19 an ounce with a weakness of $ 0.04. Gold prices rose for the third consecutive day in the local market amid positive signals from foreign markets. The gold standard rose by Rs 1,400 to Rs 44,870 per ten grams, a record level so far. Sona Bitur also sold at the same rate of Rs 44,700 per ten grams with the same increase. Sovereign, with eight grams, rose by Rs 300 to Rs 31,500 per unit.

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