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4h ago

Gold Hovers Near Records With India Rates and MCX Futures at New Highs

Safe-haven demand tied to U.S. political uncertainty is lifting bullion to records.

Silvers bars and grains are pictured at the plant of gold and silver refiner and bar manufacturer Argor-Heraeus in Mendrisio, Switzerland, July 13, 2022. REUTERS/Denis Balibouse
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Overview

  • Spot gold traded around the $4,000-an-ounce threshold after briefly topping it this week, supported by a weaker dollar and growing expectations of Federal Reserve rate cuts.
  • Indian 24K prices were quoted at Rs 12,416 per gram nationwide on Oct. 10, with city variations such as Chennai at Rs 12,465 and Delhi at Rs 12,431, and IBJA data showing Rs 122,629 per 10 grams on Oct. 9.
  • Gold December futures on the Multi Commodity Exchange hit a record Rs 1,22,165 per 10 grams, signaling expectations for sustained elevated prices.
  • Flows into gold-backed funds accelerated, with AMFI reporting a 24% month-on-month jump in September AUM for gold ETFs, while analysts also cite ongoing central-bank buying as structural support.
  • Silver also notched fresh highs, reaching Rs 1,62,143 per kg in India and near $50 globally, buoyed by haven flows and industrial demand linked to sectors such as electric vehicles.