Gold price today: Gold rates hit a lifetime high on Monday, crossing the Rs 1.10 lakh per 10 grams mark. Gold prices surged by Rs 458, reaching a peak of Rs 1,10,047 per 10 grams. This surge aligned with international markets, where the precious metal achieved new highs due to a weakening US dollar following unfavourable labour market statistics.The December delivery gold futures on MCX showed an increase of Rs 458, equivalent to 0.41 per cent, achieving a record value of Rs 1,10,047 per 10 grams, according to a PTI report.Additionally, the October delivery gold futures, which saw the highest trading volume, rose by Rs 482 or 0.44 per cent, establishing a new record of Rs 1,09,000 per 10 grams on the Multi Commodity Exchange (MCX).Gold reached a new record peak, driven by growing anticipation of Federal Reserve interest rate reductions by the end of the year. “Weak US jobs report last Friday led markets to price in three rate cuts this year, including a 25 basis-point cut at the Fed’s policy meeting next week,” noted Jigar Trivedi, Senior Research Analyst at Reliance Securities.International markets witnessed Comex gold futures for December delivery climb to reach an unprecedented level of USD 3,694.75 per ounce.Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities says, “Gold on Monday took positive cues with gains of $28 at $3615 on COMEX and ₹300 at ₹1,08,000 on MCX, after last week’s weak Non-Farm Payrolls data strengthened expectations of a Fed rate cut in the upcoming meeting. Tariff uncertainties along with firm rate cut expectations continue to provide strong support to Gold. This week, US CPI and Core CPI data will play a key role in guiding trend and volatility. Key support for Gold is seen at $3560 / ₹1,06,500, while resistance is placed at $3650 / ₹1,09,500.”(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)
