Gold price today: Yellow metal hits record high, crosses Rs 1.10 lakh for first time

Gold prices in India surged to an unprecedented Rs 1.10 lakh per 10 grams on Tuesday, aligning with international market trends. The hike is attributed to expectations of interest rate cuts by the US Federal Reserve and a weakening dollar, driving demand for the precious metal. On the Multi Commodity Exchange (MCX), gold futures for December delivery rose ₹458 or 0.41%, reaching an all-time high. Similarly, the October contract climbed to a record ₹1.09 lakh per 10 grams. On the global stage, Comex gold futures also peaked at ₹3,694.75 per ounce.

The rise in gold prices is largely driven by weak US economic data, particularly the labour market figures, which have intensified predictions of rate cuts by the Federal Reserve.

The current environment of global economic uncertainty and investor demand has bolstered gold's status as a safe-haven asset. Aksha Kamboj, Vice President of the India Bullion & Jewellers Association (IBJA), highlighted these factors' influence on gold's attractiveness.

Analysts observe that the sustainability of the current rally will depend on forthcoming US job data and inflation figures expected later in the week. The convergence of domestic and international market trends underscores gold's pivotal role amid financial volatility.