Gold prices hit fresh record highs in morning trade on the Multi Commodity Exchange (MCX) on Tuesday. Investors turned to the precious metal amid rising global uncertainties and expectations of US Federal Reserve rate cuts.
MCX Gold December futures climbed to an all-time high of Rs 1,20,769 per 10 grams. Silver December futures rose 0.12 per cent to Rs 1,47,701 per kg. International gold prices also surged as investors sought safe-haven assets amid economic and political tensions in the United States.
Concerns over a US government shutdown added to the bullish sentiment. The shutdown, now in its seventh day, has frozen about $1.7 trillion for federal agencies, roughly a quarter of the annual budget, raising fears of potential job losses. Analysts said these factors have supported gold prices for a third consecutive session.
Traders are closely watching upcoming events, including the Federal Open Market Committee meeting minutes, a speech by the Fed Chair, China’s market reopening, and US shutdown updates. Experts said any positive or negative developments from these events could further influence gold and silver prices in the near term.
