GUWAHATI: Gold prices soared to an unprecedented ₹76,000 per 10 grams on the Multi Commodity Exchange (MCX), with October gold futures climbing 1.32% to set a new record, according to MCX data. This rise followed a 0.32% increase in gold prices on Comex, reaching $2,685.90 per ounce.
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Several factors are driving the surge in gold demand, primarily escalating geopolitical tensions, such as the Israel-Hamas and Russia-Ukraine conflicts, along with a larger-than-expected interest rate cut by the U.S. Federal Reserve. As gold is seen as a safe-haven asset, these uncertainties have bolstered its appeal.
China's recent economic stimulus measures, including interest rate cuts and additional funding to revive its slowing economy, have also contributed to increased demand for gold.
According to Emkay Global Financial Services, "Expectations of further rate cuts by the Federal Reserve, along with the worsening situation between Israel and Lebanon, have pushed gold prices higher." Meanwhile, spot gold prices in the national capital remained steady at ₹76,950 per 10 grams, maintaining a firm trend from overseas markets. This marks a return to the all-time high after a six-month gap. Investors are now anticipating speeches from Federal Reserve officials, including Chair Jerome Powell, as well as key U.S. economic data, such as the GDP and Core Price Consumption Expenditures (PCE) Index, which could further influence gold prices in the coming days.
