Gold price today: Rates of gold jumped to their fresh all-time highs on the MCX during Wednesday’s session, driven by strong spot demand, positive global cues, concerns over the US government shutdown and expectations of further rate cuts by the US Federal Reserve.
MCX Gold breached the 1,22,000 per 10-gram mark for the first time ever, hitting a record high of ₹1,22,101. Around 9:10 am, MCX Gold December futures traded 0.69 per cent higher at ₹1,21,949 per 10 grams. MCX Silver December futures were 0.73 per cent up at ₹1,46,855 per kg at that time.
US gold futures for December delivery pushed through $4,000 per troy ounce to hit a record high of $4,037 on Wednesday.
The yellow metal has been on a bullish run this year due to a confluence of factors, including ongoing political and economic uncertainties, strong buying by central banks, expectations of a US Fed rate cut, robust inflows into gold ETFs (exchange-traded funds), and the dollar’s weakness.
Domestic spot gold prices have surged by over 55 per cent this year so far.
Gold prices tend to rise in times of economic and political uncertainty, as well as during periods of rate cuts.
The US government shutdown entered its seventh day on Tuesday, postponing the release of key economic indicators.
Is it the right time to buy gold?
Experts believe gold prices may continue to rise further this year, despite some intermittent profit booking, as the US Fed is expected to cut rates by 25 basis points each at its next policy meetings in October and December.
Increased economic uncertainties, due to US President Donald Trump’s tariff policies, are also a key factor that may weigh on the US dollar and drive safe-haven demand for gold.
“Gold’s bull run may continue on rate cuts hopes and political and economic uncertainties. Investors should hold their positions. MCX gold prices are expected to move higher to ₹1,25,000 per 10 grams by the end of 2025,” said Anuj Gupta, A SEBI-registered analyst.
(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.
