Gold Soars to Unprecedented Heights Amid Global Market Trends
Gold prices hit a record high in the domestic futures market, influenced by a rally in international markets and a weakened US dollar. The surge follows lower-than-expected labor market data and expectations of interest rate cuts by the Federal Reserve.
- Country:
- India
Gold prices reached an all-time high in the domestic futures market, surging by Rs 458 to Rs 1,10,047 per 10 grams, as global trends drive precious metals to new peaks. The rise aligns with movements in international markets, where gold also reached new heights due to a weakening US dollar.
On the Multi Commodity Exchange (MCX), December gold futures saw a significant increase of Rs 458, marking a lifetime peak. Meanwhile, October futures climbed by Rs 482 to Rs 1,09,000 per 10 grams, reflecting heightened investor interest.
Industry experts attribute the ascent to expectations of interest rate cuts by the Federal Reserve, sparked by a disappointing US jobs report which forecasts three potential cuts this year. Overseas, Comex gold futures for December delivery also achieved a record at USD 3,694.75 per ounce.
(With inputs from agencies.)
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