MCX Gold April Futures Hit Fresh Record High Of Rs 81,128
Gold prices have been seeing a sharp climb of late, with the Futures price for Apr. 4 hitting Rs 81,128. The Rs 205 increase compared to Wednesday's price marks a fresh high for the precious yellow metal, according to the Multi Commodity Exchange.
The prices are up 0.25% after is opened at Rs 80,988 today. The previous high was hit on Jan. 24 when prices were at Rs 79,998. The Feb. 5 rates are also hovering over previous highs at Rs 79,998. The prices are up 0.40% and has increased by Rs 323.
Gold Spot Prices
Spot gold also sees a climb in prices due to global cues like the fed rate cut. Further, domestic cues like the upcoming budget continue to drive prices higher. Gold price in India stood at Rs 81,000 per 10 grams as of 12:06 p.m. on Thursday, according to the India Bullion Association.
Chennai continues to see the highest rates in the nation with spot prices at Rs 81,090. The prices had surged Rs 910 to a record Rs 83,750 per 10 grams in Delhi on Wednesday.
This sharp climb was driven by strong demand from jewellers and retailers, according to the All India Sarafa Association. The precious metal of 99.9% purity had settled at Rs 82,840 per 10 grams in the previous trading session.
Events And Impact
The US Federal Reserve on Wednesday maintained its benchmark interest rate after slashing it three times in a row. The decision was based on consensus and this marks the committee's first policy meeting since Donald Trump assumed office as US president.
In December, the Federal Open Market Committee reduced the federal funds rate target by 25 basis points, bringing it to a range of 4.25% to 4.50%. The MCX gold surged to a record high amid a pullback in the dollar index and the unchanged interest rates.
Adding to these factors, tension is pushed higher by Trump's tariff talks. The uncertainty and possible change in policy has heightened the global investor's traction to the safe haven investment.
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