Gold surges higher

New Delhi

Gold prices continued their upward trend on Tuesday, rising Rs 119 to hover near a record high of Rs 1,10,298 per 10 grams in domestic futures trading, driven by strong global cues ahead of an anticipated US Federal Reserve rate cut this week. On the Multi Commodity Exchange (MCX), the most active October gold contract gained 0.10%, while December futures also advanced Rs 109 to Rs 1,11,346 per 10 grams, following a fresh peak of Rs 1,11,350 in the previous session.

Market analysts noted that investors are positioning themselves ahead of the Fed’s policy decision on September 17, expecting potential monetary easing through the rest of the year. This optimism has kept gold prices buoyant, as traders view the metal as a safe-haven asset amid economic uncertainty.

Internationally, December gold futures reached an all-time high of USD 3,728.32 per ounce, supported by expectations of looser US monetary policy and continued global demand for secure investments. Experts said that while some profit-booking could occur at elevated levels, the overall market sentiment remains bullish, reflecting strong investor interest in gold across both domestic and international markets.

The sustained momentum underscores gold’s appeal as a hedge against economic volatility and monetary policy shifts, making it a preferred choice for investors seeking stability. With global cues and domestic demand both remaining strong, gold is likely to maintain its upward trajectory in the near term.