International gold spot price rose to its lifetime high of $2,714.10 per ounce, according to Bloomberg on Thursday. There have been multiple triggers for both international and domestic gold prices to be pushed to record highs.
The major trigger is the uncertainty around the US elections as well as the war in the Middle East.
International gold prices crossed $2,700 per ounce for the first time, as geo-political dynamics change and investors turn to the yellow metal as a safe-haven investment.
The December futures contract of the commodity touched $2,729.3 an ounce, its all-time high.
Gold prices in India stood at Rs 77,584 per 10 grams, according to Multicommodity Exchanges India, at 10:13 a.m. The price of retail gold had hit a record high on Wednesday. The price per 10 grams of 24-karat gold spiked to Rs 78,900, news agency PTI reported citing the rate shared by All India Sarafa Association.
Domestic gold price closed at Rs 76,520 on Thursday, according to Bloomberg, after it hit an intraday high of Rs 77,000 during the day.
Gold prices in the country have stayed above Rs 75,000 since the first week of October amid the festive season. The prices have been on the rise since the customs duty rate cut in July. The price had dipped to Rs 67,800 per 10 grams, when the rate cut was announced.
As geo-political tensions continue to escalate, the yellow metal will continue to be a safe-haven investment to investors across the globe.
Silver has also been on a steady climb, crossing the Rs 92,000-mark this week. Prices stood at Rs 92,750 on the MCX as of 10:13 a.m. Silver price has stayed over Rs 90,000 this week, after it fell to Rs 88,810 on Oct. 8.
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