Gold hits record high as MCX futures touch Rs 1,22,780 per 10g
Gold prices hit record highs on October 8. MCX December futures touched Rs 1,22,780 per 10 grams. The February contract reached Rs 1,24,045. The April contract hit Rs 1,25,510. Spot gold crossed $4,000 an ounce internationally.
Three forces are driving the rally. The US government shutdown has pushed investors toward safe assets. Hopes of US rate cuts have made gold more attractive. Geopolitical tensions have added to the demand for a safe haven.
Indian buyers are watching the rally closely. Gold is a popular investment in India, especially before the festival and wedding season. Higher prices may affect jewellery demand in the short term.
Analysts say the rally could continue if the US shutdown drags on. A Fed rate cut would give gold another boost. But any sudden dollar strength could pause the rise. Investors are advised to buy in small lots.
Silver prices also touched new highs along with gold. Investors are shifting to precious metals. Central banks around the world have been buying gold. That demand has supported the rally all year.
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