Gold prices breach record Rs 97,000/10g level in futures trade

Gold prices breached the Rs 97,000 per 10 grams level for the primary time in futures trade on Monday, surging by Rs 2,111 to hit an all-time excessive of Rs 97,365 per 10 grams on agency native demand. Continuing the profitable streak for the third straight day, the most-traded June supply contract of the valuable metallic soared by Rs 2,111 or 2.22 per cent to hit a record excessive of Rs 97,365 per 10 grams in the night session on the Multi Commodity Exchange (MCX).
Later, the June contract traded at Rs 97,276 per 10 grams, up by Rs 2,022 or 2.12 per cent, with an open curiosity of 23,060 tons.
The August contract of the metallic spurted by Rs 2,104 or 2.19 per cent to hit a contemporary peak of Rs 98,000 per 10 grams.
The October contract breached the Rs 98,000 per 10 grams-mark, climbing Rs 2,617 or 2.73 per cent to hit a record excessive of Rs 98,600 per 10 grams on MCX.
“Gold prices extended their record-breaking rally as the fresh week kicked off with strong early buying. Comex gold approached the USD 3,400 mark, while MCX gold registered its fresh all-time highs,” Jateen Trivedi, VP Research Analyst – Commodity and Currency at LKP Securities, mentioned.
The rally is being supported by escalating tariff tensions, considerations over the US financial outlook, and the looming US debt disaster. Continued shopping for from China, international central banks, and institutional traders has added momentum to the bullish sentiment, Trivedi mentioned.
On the worldwide entrance, gold futures prolonged its bull run, by leaping USD 113.6 per ounce, or 3.40 per cent, to trade at a brand new all-time excessive of USD 3,442 per ounce.
According to Kotak Securities, Comex gold futures surpassed the USD 3,400-mark for the primary time on Monday, primarily on weakening US greenback and growing considerations a couple of international financial slowdown as a result of heightened US-China trade tensions.
US President Trump’s tariffs and trade coverage uncertainties have unsettled international markets, main traders to maneuver away from US belongings. China has cautioned towards financial offers with the US at its expense, additional escalating tensions.
Also, Trump’s latest criticism of US Federal Reserve Chair Jerome Powell has contributed to the greenback’s three-year low, making dollar-denominated gold extra reasonably priced for worldwide consumers, the brokerage agency mentioned in a word.