Gold price today: Rates of gold and silver jumped to new all-time highs on the MCX on Friday, October 17, tracking positive global cues. Weaker dollar and strong spot demand also supported gold prices. MCX Gold December futures jumped by over ₹1,800, or 1.4 per cent, to hit a record high of ₹1,31,699 per 10 grams. MCX Silver December futures hit a record high of ₹168950 per kg, rising by nearly ₹1,300, or 1 per cent.
In international markets, gold prices appeared poised for their best weekly performance since 2008, as rising US-China trade tensions and expectations of further US Fed rate cuts are fueling a rally in bullion.
The dollar’s weakness is a key factor behind the rise of the yellow metal. The dollar index slipped by 0.20 per cent, making gold cheaper in overseas currencies, potentially enhancing the demand.
The domestic market is witnessing strong demand for gold. Ajoy Chawla, the CEO of Titan’s jewellery division, Tanishq, told the media that people are rushing to buy gold, thinking that gold prices will rise further.
Usually, record-high prices create demand fatigue, but the current trends indicate a fear-of-missing-out (FOMO) trend.
(This is a developing story. Please check back for fresh updates.)
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Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
