Gold rate today: Prices hit record Rs 1,19,500/10g; geopolitical worries drive demand
The 99.9% purity metal surged Rs 1,500 from Rs 1,18,000 per 10 grams in the previous session, while locally traded gold of 99.5% purity also rose Rs 1,500 to Rs 1,18,900 per 10 grams from Rs 1,17,400, PTI reported.Analysts said bullish cues from international markets and expectations of continued US Federal Reserve rate cuts supported the rally.
Spot gold in overseas markets gained 2% to $ 3,831.33 per ounce.So far this year, gold has jumped Rs 40,550, or 51.36%, from Rs 78,950 per 10 grams at the end of 2024.
Domestic futures on the Multi Commodity Exchange (MCX) also reflected strong gains, with October contracts rising by Rs 1,702 to Rs 1,15,490 and December contracts climbing Rs 1,606 to Rs 1,16,497 per 10 grams.“With safe-haven demand, trade concerns, and ETF inflows, gold prices have extended their winning streak.
Focus will now be on US jobs data and ISM manufacturing PMI later this week,” said Manav Modi, Analyst – Precious Metals, Motilal Oswal Financial Services, PTI quoted.Trivesh D, COO at Tradejini, said, “Rate cuts by the US Fed, global uncertainties, and aggressive central bank buying are directing investors towards non-yielding assets like gold.
Prices could cross $ 4,000 per ounce soon.”
