Bullion Bonanza: Unprecedented Highs for Gold and Silver
Gold and silver futures reached record highs in domestic and global markets, influenced by expectations of US Federal Reserve rate cuts, a weaker dollar, and geopolitical tensions. On the MCX, gold surged to Rs 1,15,925 per 10 grams, while silver reached Rs 1,45,817 per kg. Experts forecast sustained high bullion prices.
- Country:
- India
In a stunning demonstration of market trends, gold and silver prices hit unprecedented highs on Monday, buoyed by global factors including anticipated US Federal Reserve rate cuts and a softer dollar.
On the Multi Commodity Exchange (MCX), October gold futures surged by Rs 1,204 to Rs 1,14,992 per 10 grams, a record peak. Similarly, the December contract for gold hit Rs 1,15,925, while silver for December leaped to Rs 1,44,179 per kilogram, marking all-time highs.
Analysts attribute this rally to ongoing geopolitical tensions and monetary policy speculations, predicting the momentum will likely continue. The fluctuating dollar index, coupled with global economic uncertainties, has kept investors attentive to developments that may sustain high bullion prices.
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