SRINAGAR: Gold prices surged to a fresh all-time high on Monday, climbing Rs 2,113 to reach Rs 1,05,937 per 10 grams, as strong overseas sentiment and safe-haven demand drove the rally for a second straight session, according to multiple media reports.
On the Multi Commodity Exchange (MCX), the October futures contract rose 2.03 per cent in morning trade to touch the record level. The surge followed Friday’s milestone, when gold futures hit Rs 1,04,090 per 10 grams on the bourse.
The rally extended across contracts, with December futures advancing by Rs 1,682, or 1.6 per cent, to an unprecedented Rs 1,06,539 per 10 grams on the MCX. Internationally, Comex gold futures for December delivery soared to a lifetime high of USD 3,552.32 per ounce in New York, reports Indian Express.
Analysts attributed the gains to global tariff concerns and expectations that the US Federal Reserve will cut interest rates this month, boosting bullion’s appeal. “Gold marked an all-time high on Comex as well as on the domestic front amid tariff escalations, which are continuously supporting buying in bullion,” said Manav Modi, Analyst, Precious Metals Research, Motilal Oswal Financial Services, as per NDTV report.
Modi added that seasonal festive and wedding demand, steady exchange-traded fund inflows and increased central bank buying, particularly by China, were further underpinning the metal’s upward momentum.
