New Delhi, Sep 12 (PTI) Gold prices climbed Rs 572 to trade close to record levels at Rs 1,09,553 per 10 grams in the domestic futures market on Friday, tracking a strong global trend and firm investor
demand.
On the Multi Commodity Exchange (MCX), the most traded October delivery jumped Rs 572 or 0.52 per cent to Rs 1,09,553 per 10 grams in a business turnover of 16,533 lots.
The yellow metal had touched an all-time high of Rs 1,09,840 per 10 grams on Tuesday.
The far-month December delivery also advanced by Rs Rs 593 or 0.54 per cent to Rs 1,10,640 per 10 grams in 5,513 lots on the MCX, reflecting sustained bullish momentum.
"Bullion prices remained firm on Friday, with gold climbing towards its all-time high amid persistent expectations of loose US monetary policy, as inflation remained steady in line with forecasts.
"Producer prices unexpectedly fell, and jobless claims hit a four-year peak, highlighting labour market weakness. Markets already priced in a 25 basis-point interest rate cut by the US Federal Reserve, with speculation growing over a potential larger reduction," said Rahul Kalantri, VP Commodities at Mehta Equities.
In the international market, Comex gold futures for December delivery rose USD 20.40, or 0.56 per cent to USD 3,694 per ounce, trading near its lifetime peak. The most traded precious metal futures on Tuesday had scaled a record of USD 3,715.20 per ounce. "Safe-haven demand was further bolstered by geopolitical uncertainties, including US efforts to push G7 allies to impose higher tariffs on India and China over Russian crude purchases, intensifying conflict in Middle East region and in Ukraine," Kalantri said. PTI HG HG DR
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