Gold Prices Surge to Record High Amid Global Economic Shifts
Gold prices have climbed to a record high of Rs 1,10,563 per 10 grams in the domestic futures market due to strong global signals and anticipated Federal Reserve rate cuts. The surge has been supported by a weaker dollar, low US Treasury yields, and geopolitical tensions.
- Country:
- India
Gold prices reached an unprecedented high of Rs 1,10,563 per 10 grams in the domestic futures market on Tuesday. This surge was driven by strong global cues and expectations of a Federal Reserve rate cut, which have significantly bolstered safe-haven demand.
On the Multi Commodity Exchange, gold futures for October delivery increased by Rs 384 or 0.34 percent, while the December contract rose by Rs 418 or 0.37 percent. These advances come as the dollar index, which measures the dollar against six major currencies, declined by 0.34 percent to 96.97, further supporting bullion prices.
Market participants are keenly watching the upcoming Federal Reserve policy meeting, where a rate cut of 25 basis points is widely anticipated. Meanwhile, geopolitical tensions in the Middle East and Ukraine have also contributed to the rally. Investors are also monitoring US retail sales and industrial output data for further influence on the Federal Reserve's future decisions concerning monetary policy.
(With inputs from agencies.)
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