Gold price today: Rates of gold hit fresh record highs in morning trade on the MCX on Tuesday (October 7) due to sustained safe-haven demand amid expectations of further rate cuts by the US Federal Reserve.
MCX Gold December futures hit a record high of ₹1,20,769 per 10 grams. Around 9:15 am, the yellow metal was 0.43 per cent up at ₹1,20,769 per 10 grams, while MCX Silver December futures were 0.12 per cent up at ₹1,47,701 per kg.
International gold prices also reached their record high due to increased economic and political uncertainties in the US, while expectations of further US Fed rate cuts remain a key trigger for the yellow metal.
The US shutdown has raised the risk of more job losses, even as the standoff is expected to stretch into a seventh day.
(This is a developing story. Please check back for fresh updates.)