Gold prices surged by Rs 800 to hit a fresh record high of Rs 65,000 per 10 grams in India on Tuesday, according to HDFC Securities Pvt.
The surge came on the back of bullish cues from overseas markets, according to Saumil Gandhi, senior analyst of commodities at the brokerage.
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In the international markets, spot gold at Comex was trading at $2,110 per ounce, up by more than 1% from the previous close.
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The prices for the yellow metal saw an uptick, driven by growing speculation that the U.S. Federal Reserve will cut interest rates in June, according to Jateen Trivedi, vice president, research at LKP Securities Pvt.
"The rise was also fuelled by signs of slowing industrial and construction spending in the U.S., coupled with a decrease in inflationary pressures," he said.
Geopolitical risks also underpinned the precious metal's rally—considered a safe haven in times of uncertainty.
(With PTI inputs.)
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