Gold price today: Rates of gold jumped to their fresh all-time highs on the MCX during Wednesday’s session, driven by strong spot demand, positive global cues, concerns over the US government shutdown and expectations of further rate cuts by the US Federal Reserve.
MCX Gold breached the 1,22,000 per 10-gram mark for the first time ever, hitting a record high of ₹1,22,101. Around 9:10 am, MCX Gold December futures traded 0.69 per cent higher at ₹1,21,949 per 10 grams. MCX Silver December futures were 0.73 per cent up at ₹1,46,855 per kg at that time.
US gold futures for December delivery pushed through $4,000 per troy ounce to hit a record high of $4,037 on Wednesday.
The yellow metal has been on a bullish run this year due to a confluence of factors, including ongoing political and economic uncertainties, strong buying by central banks, expectations of a US Fed rate cut, robust inflows into gold ETFs (exchange-traded funds), and the dollar’s weakness.
Domestic spot gold prices have surged by over 55 per cent this year so far.
(This is a developing story. Please check back for fresh updates.)
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