Strong safe-haven and investment demand for the yellow metal caused gold prices in India’s retail markets to surpass the coveted ₹1 lakh per 10 kilos.
Strong safe-haven and investment demand for the yellow metal propelled gold prices in Delhi’s retail market to a record high of ₹1 lakh per 10 grams on Tuesday.
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Similar to the surge in global bullion prices, gold prices on the Multi Commodity Exchange (MCX) broke through the ₹99,000 barrier for the first time. The demand for gold as a safe-haven asset was further supported by investors’ decreased risk appetite.
At ₹98,753 per 10 grams, the MCX gold rate began higher than its previous close of ₹97,279. Gold prices reached a new all-time high of ₹99,178 per 10 grams after rising by ₹1,899, or 1.95%,during the session.
After US President Donald Trump criticized Federal Reserve Chair Jerome Powell,gold prices continued their record-breaking surge on the global market as investor fears grew.
After hitting a session high of $3,494.66 an ounce,spot gold increased 1.7% to $3,482.26 an ounce. Additionally,US gold futures increased by 2%,closing at $3,492.60 an ounce.
The decline in the US dollar,which fell to a new seven-month low, gave gold prices an additional lift. After plunging as low as 97.923 in the previous session—a level not seen since March 2022—the US dollar index measure against six major peers fell to 98.117.
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