Overview

• The India MCX gold futures contract topped ₹1 lakh per 10 grams for the first time, reflecting a rush to safe-haven assets.
• Spot gold rose to $3,428.28 an ounce, its strongest level in over a month as Middle East tensions intensified.
• A depreciating rupee near ₹86 to the dollar amplified domestic bullion prices by increasing import costs.
• Weaker US inflation readings have strengthened market expectations of further Federal Reserve rate cuts this year.
• Analysts warn that any expansion of the Israel-Iran conflict or disruptions to oil flows could drive gold prices even higher.