Gold prices hit historic highs globally, Indian rates touch Rs 1.22 lakh on MCX
Gold prices hammered a new record, crossing the $4,000‑per‑ounce mark for the first time ever in global markets.
In spot trading on Wednesday, gold hit $4,002.53 an ounce. U.S. December gold futures on the Commodity Exchange climbed 0.5 % to $4,025.
The surge happens as investors move money into safe‑haven assets. Rising global uncertainty—political turmoil in France, U.S. government shutdown chatter, tensions in the Russia‑Ukraine war, and worries in Japan and Argentina—has pushed investors back to gold. Add to that speculation that the U.S. Federal Reserve may slash interest rates, and the demand for gold soars.
In India, gold also reached fresh highs on the Multi Commodity Exchange (MCX). MCX Gold December futures leapt past ₹122,000 for every 10 grams, hitting a record ₹122,101 early in trading. Gold futures were up 0.69 % at ₹121,949, while silver futures climbed 0.73 % to ₹1,46,855 per kilogram.
The yellow metal has stayed on an uptrend all year, helped by steady central‑bank buying, flat inflows into gold ETFs, and a weaker U.S. dollar. Domestic spot gold prices have already jumped more than 55 % this year, echoing the worldwide bullish mood.
Market analysts warn the record run might continue if geopolitical and economic uncertainties stay high and the Fed moves toward rate cuts next month. They see gold’s support around $3,920‑$3,950 and resistance near $4,020‑$4,045. Silver faces support at $47.40‑$47.70 and resistance around $48.50‑$48.90.
As investors stay on alert, gold’s rally shows no signs of slowing, leaving the market watching for any shifts in global risk sentiment.
Source: ianslive
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