New Delhi, Sept 1:
Gold prices continued their upward trend for the second consecutive session, reaching a new all-time high of Rs 1,05,937 per 10 grams, as they surged Rs 2,113 on Monday, driven by a bullish sentiment in the overseas market.
On the Multi Commodity Exchange, the most traded precious metal futures for the October contract zoomed Rs 2,113 or 2.03 per cent to hit a lifetime high of Rs 1,05,937 per 10 grams in the morning trade.
Gold futures on Friday hit an all-time high of Rs 1,04,090 per 10 grams on the commodities bourse.
Subsequently, the yellow metal futures for the December contract jumped by Rs 1,682 or 1.6 per cent to hit a record high of Rs 1,06,539 per 10 grams on the MCX.
On the global front, Comex gold futures for the December contract surged to a lifetime high of USD 3,552.32 per ounce in New York.
“Gold marked an all-time high on Comex as well as on the domestic front amid the tariff escalations, which are continuously supporting buying in bullion,” said Manav Modi, Analyst, Precious Metal -Research, Motilal Oswal Financial Services.
Additionally, traders are expecting an interest rate cut by the US Federal Reserve this month, which lifted bullion’s allure, Modi added.
Modi further stated that an increase in festive and wedding demand, ETF buying and increased buying by the Chinese central bank are some of the additional factors supporting gold’s bull run. (PTI) |
