In New Delhi, gold prices have surged to an unprecedented level, reaching Rs 1,10,047 per 10 grams. This increase was a consequence of a worldwide upturn fueled by a depreciating US dollar and anticipations regarding reductions in interest rates by the Federal Reserve. On the MCX, gold futures for December and October deliveries have reached unprecedented heights. Comex gold futures achieved a record peak of USD 3,694
On Tuesday, the local futures market witnessed a phenomenal increase in the price of gold, which reached an all-time high of Rs 1,10,047 per 10 kilos. This was a record high. The precious metal reached new heights in the midst of a decrease in the value of the United States dollar, which was sparked by dismal statistics on the labor sector. This gain coincides with a worldwide rally.
On the Multi Commodity Exchange, the yellow metal futures for December delivery, which reached a record high of Rs 1,10,047 per 10 kilos, gained by Rs 458, which is equivalent to 0.41 percent. The most frequently traded gold futures for October delivery reached an all-time high of Rs 1,09,000 per 10 grams on the Multi Commodity Exchange, showing a 0.44 percent rise. Additionally, the most actively traded gold futures climbed by Rs 482, reflecting a 0.44 percent increase.
A new all-time high was set by gold, which was bolstered by the growing expectations that the Federal Reserve will reduce interest rates as the year comes to a close. “The weak US jobs report that was released last Friday prompted markets to anticipate three rate cuts this year, with a 25 basis-point reduction expected at the Federal Reserve’s policy meeting next week,” remarked Jigar Trivedi, Senior Research Analyst at Reliance Securities. “The report was released on Friday.”