MUMBAI: Gold prices continued their meteoric rally on Tuesday, touching an all-time high of ₹1,10,312 per 10 grams in the domestic futures market. The surge follows global cues, driven by expectations that the US Federal Reserve may cut interest rates next week after disappointing labour market data.
Retail Prices Scale Fresh Highs Across India
Retail prices also hit record levels, with Delhi quoting ₹1,08,643 per 10 grams of 24-carat gold. In Kerala, the largest consumer state, gold crossed the ₹10,000 per gram mark for the first time.
On the Multi Commodity Exchange (MCX), December futures jumped ₹723 (0.65%) to peak at ₹1,10,312/10g, while October futures surged ₹982 (0.9%) to a new high of ₹1,09,500/10g.
Global Rally Driven by Rate Cut Expectations
Globally, Comex gold futures for December delivery hit $3,698.02/oz, while spot gold touched $3,658.38/oz (28.35 grams). The rally is supported by soft US jobs data, which has prompted traders to price in three Fed rate cuts this year, including a 25 bps cut next week.
The dollar index slipped to 97.33, extending weakness amid concerns over Fed independence and continued Chinese central bank gold purchases for the 10th straight month.
Experts See $4,000/oz Target
Analysts see more upside. NS Ramaswamy, Ventura, said:
“Gold is turning out to be the main course in one’s portfolio. A mere 1% shift from treasuries into bullion could push gold beyond $4,000/oz.”
Kaynat Chainwala, Kotak Securities, noted that spot gold at $3,646/oz on Monday was fueled by Fed cut bets, while Renisha Chainani, Augmont, highlighted ETF inflows of 53 tonnes ($5.5 billion) in August, pushing assets close to pandemic-era highs.
What’s Next for Investors?
Markets now await US PPI and CPI data later this week, which could provide further clarity on the Fed’s September monetary policy decision.
For now, gold remains the star safe-haven asset, buoyed by global uncertainties, central bank diversification away from the dollar, and strong ETF inflows.
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