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Gold Price Hits Record High, Breaches ₹1 Lakh Mark Amid Global Uncertainty
Gold prices in India continued their rally for the fourth consecutive session, rising by ₹1,899 to reach an all-time high of ₹99,178 per 10 grams. The surge is driven by persistent safe-haven demand as global economic and political uncertainties mount.
On the Multi Commodity Exchange (MCX), the October contract crossed the ₹1 lakh milestone for the first time, spiking ₹2,000 or 2% to hit a record ₹1,00,484 per 10 grams.
In the international market, gold also witnessed strong momentum. Prices surged over 1.5% to trade above $3,485 per ounce on Tuesday, setting a new record high. If the metal closes above $3,500, it would mark the first time gold achieves that level in global markets.
The short-term outlook for gold remains closely tied to developments in U.S.-China tariff negotiations, uncertainty around Federal Reserve Chair Jerome Powell’s position, and the movement of the U.S. dollar. Historically, gold has outperformed during periods of global equity market stress, often rallying when the S&P 500 experiences sharp declines.