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What is the story about?
Gold prices climbed to an all-time high in India on Monday (September 29), tracking a global surge and pressure from a weakening rupee. Domestic gold futures rose 0.74% to ₹1.14 lakh per 10 grams in early trade, marking their highest level to date.
The rally coincided with international spot prices crossing $3,800 an ounce for the first time. At 04:32 GMT, spot gold was up 1.1% at $3,800.09 per ounce, while US gold futures for December delivery advanced 0.6% to $3,830 an ounce.
A softer dollar and rising expectations of interest rate cuts by the US Federal Reserve have fuelled investor demand for the precious metal.
The rupee’s slide near a record low of 88.71 per dollar has further intensified domestic price gains.
Market view
Jateen Trivedi, VP Research Analyst – Commodity and Currency at LKP Securities, said the trend remains firmly positive despite minor profit booking earlier.
Analysts expect momentum to continue in the near term, supported by safe-haven demand, central bank buying, and ongoing currency weakness.
-With Reuters inputs
ALSO READ | Silver prices hit ₹1.43 lakh per kg for the first time in India
The rally coincided with international spot prices crossing $3,800 an ounce for the first time. At 04:32 GMT, spot gold was up 1.1% at $3,800.09 per ounce, while US gold futures for December delivery advanced 0.6% to $3,830 an ounce.
A softer dollar and rising expectations of interest rate cuts by the US Federal Reserve have fuelled investor demand for the precious metal.
The rupee’s slide near a record low of 88.71 per dollar has further intensified domestic price gains.
Market view
Jateen Trivedi, VP Research Analyst – Commodity and Currency at LKP Securities, said the trend remains firmly positive despite minor profit booking earlier.
Analysts expect momentum to continue in the near term, supported by safe-haven demand, central bank buying, and ongoing currency weakness.
-With Reuters inputs
ALSO READ | Silver prices hit ₹1.43 lakh per kg for the first time in India
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