Gold price today: The rates of gold and silver surged to fresh record highs on the MCX in Thursday’s session, driven by positive global cues, strong domestic demand, and the dollar’s weakness.
MCX Gold December futures hit a new high of ₹1,28,395 per 10 grams, while MCX Silver December futures rose to a fresh peak of ₹1,64,150 per kg. Around 9:10 am, MCX Gold was 0.51 per cent up at ₹1,27,862 per 10 grams, and MCX Silver was 0.81 per cent up at ₹1,63,523 per kg.
International gold prices reached a new record high on Thursday, driven by strong investor demand for the yellow metal amid a weaker dollar, persistent geopolitical and economic concerns, and expectations of US Fed rate cuts.
The US dollar index declined by nearly 0.40 per cent due to political and economic uncertainties in the world’s largest economy, making dollar-priced yellow metal cheaper in overseas currencies.
The federal government shutdown is now in its second week.
The fresh escalation of trade tensions between the US and China has increased economic uncertainties, driving investors to safe-haven assets.
According to Reuters, US officials on Wednesday signalled “potential retaliatory measures against China as they criticised Beijing’s expanded rare earth export controls, terming them as a threat to global supply chains.”
(This is a developing story. Please check back for fresh updates.)
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