Gold futures breach ₹1 lakh-mark, surge ₹2,048/10 gram
The Hindu
Gold prices hit record high of ₹1,00,000 per 10 grams as investors flock to safe havens amid global trade war jitters.
Gold future prices sustained upward trend for the fourth straight session by surging ₹2,048 to hit a fresh record high of ₹1,00,000 per 10 grams as investors rushed to safe havens after U.S. President Donald Trump indicated plans to overhaul Federal Reserve amid continuing global trade war jitters.
On the Multi Commodity Exchange (MCX), the August delivery contract of the yellow metal bounced by ₹2,048 or 2.1% to hit a fresh peak of ₹1,00,000 per 10 grams in the mid-session trade.
Later, the precious metal trade at ₹99,790 per 10 grams, up by ₹1,838 or 1.88%, with an open interest of 2,492 lots.
Additionally, the October contract bounced by ₹2,016 or 2.04% to hit a record high of ₹1,00,500 per 10 grams on the MCX.
Meanwhile, the most-traded June contract climbed by ₹2,079 or 2.14% to touch a record high of ₹99,358 per 10 grams.
Analysts said the surge in the precious metal was sparked by concerns surrounding U.S. monetary policy, after President Trump unveiled plans to overhaul the U.S. Federal Reserve.
According to HDFC Securities’ Senior Research Analyst (Commodities) Saumil Gandhi, the gold prices in 1990 was quoted at ₹3,200 per 10 grams, and if we look at the price at the end of 2024, it was at ₹77,913 per 10 grams.
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