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2d ago

Gold Near Record Highs as India Posts New Price Peaks

Investors are bidding up bullion on expectations of U.S. rate cuts, with a weaker dollar and persistent central‑bank buying reinforcing the move.

Twenty four karat gold bars are seen at the United States West Point Mint facility in West Point, New York June 5, 2013. REUTERS/Shannon Stapleton/File Photo
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Overview

  • Spot gold set an all-time high around $3,673.95 this week and hovered near $3,650–$3,660 on Wednesday, leaving year-to-date gains near 38–40%.
  • Indian benchmarks hit fresh milestones, with Delhi closing at Rs 1,12,750 per 10g and reports of prices touching Rs 1.13 lakh, while Hyderabad crossed roughly Rs 1.10 lakh.
  • After the spike, MCX October gold futures eased below Rs 1.09 lakh on profit-taking, as traders focused on U.S. inflation readings ahead of the Sept. 17 Federal Reserve decision.
  • A softer dollar, expectations of Fed easing, strong central-bank purchases and inflows into gold-backed ETFs such as SPDR Gold Trust underpinned the rally, alongside geopolitical tensions and concerns over Fed independence.
  • ANZ lifted its year-end gold target to $3,800 and sees a potential peak near $4,000 by next June, while silver climbed to multi-year highs near $41/oz and notched new domestic records before a modest pullback.