Gold on the MCX reached a lifetime high of ₹76,000 today, supported by a surge in global prices which crossed $2,650 per ounce. The rise in gold is being driven by a combination of soft US economic data, escalating Middle East tensions, and growing expectations of potential interest rate cuts by the US Federal Reserve.
The current price on MCX stands at ₹75,221, reflecting a gain of ₹218 or 0.29%. The contract, set to expire on 04 October 2024, saw 526 lots traded with an average price of ₹75,187.80. Open interest stands at 7,248 lots, with a decrease of 1,572 in positions.
This surge reflects gold’s appeal as a safe-haven asset amid geopolitical uncertainty and a potential dovish shift by the Fed, pushing the metal to new record highs in both international and domestic markets.
Open interest currently stands at 7,248 lots, with a reduction of 1,572 positions. The precious metal continues to attract strong interest as it reaches new record highs, signaling robust market demand.
