Gold futures for October at the MCX have surged to an unprecedented high of Rs 76,000 per 10 kilograms, reflecting an increase of 0.24 percent or Rs 177. This comes after the prices reached Rs 75,049 on Tuesday. Since the US Federal Reserve cut interest rates by 50 basis points last week, gold prices have been on a steady rise, increasing by Rs 2,900 per 10 kilograms.
The price of the highest purity gold, known as 24-karat, is currently set at Rs 77,020 per 10 grams. For those looking to purchase jewelry, 22-karat gold, which is slightly more durable due to its alloy composition, is priced at Rs 70,600 per 10 grams.
“Gold’s bull run continues as prices hit yet another all-time high at 76000 per 10gm on futures and move close to $2700 per ounce overseas. Prices remain supported by a weaker dollar, expectation of more rate cuts from global central banks, safe haven demand, and inflow of ETF funds,” said Pranav Mer, Vice President of EBG – Commodity & Currency Research at JM Financial Services Ltd.
