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Gold prices breached the Rs 97,000 per 10 grams level for the first time in futures trade on Monday, surging by Rs 2,111 to hit an all-time high of Rs 97,365 per 10 grams on firm local demand. Continuing the winning streak for the third straight day, the most-traded June delivery contract of the precious metal soared by Rs 2,111 or 2.22 per cent to hit a record high of Rs 97,365 per 10 grams in the evening 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 interest of 23,060 lots.
The August contract of the metal spurted by Rs 2,104 or 2.19 per cent to hit a fresh 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 high 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, said.
The rally is being supported by escalating tariff tensions, concerns over the US economic outlook, and the looming US debt crisis. Continued buying from China, global central banks, and institutional investors has added momentum to the bullish sentiment, Trivedi said.
On the global front, gold futures extended its bull run, by jumping USD 113.6 per ounce, or 3.40 per cent, to trade at a new all-time high of USD 3,442 per ounce.
According to Kotak Securities, Comex gold futures surpassed the USD 3,400-mark for the first time on Monday, mainly on weakening US dollar and increasing concerns about a global economic slowdown due to heightened US-China trade tensions.
US President Trump’s tariffs and trade policy uncertainties have unsettled global markets, leading investors to move away from US assets. China has cautioned against economic deals with the US at its expense, further escalating tensions.
Also, Trump’s recent criticism of US Federal Reserve Chair Jerome Powell has contributed to the dollar’s three-year low, making dollar-denominated gold more affordable for international buyers, the brokerage firm said in a note.
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