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Gold price reaches close to one lakh, rise of Rs 1899 in early trade
Gold Price: The price of gold is increasing continuously. The price of the most traded June delivery contract on the Multi Commodity Exchange (MCX) rose by Rs 1,899 or nearly 2 per cent to a record high of Rs 99,178 per 10 grams in early trade.
The price of gold has increased continuously for the fourth day in a row. Gold futures on the Multi Commodity Exchange (MCX) have hit nearly one lakh. Gold hit an all-time high at Rs 99,178 per 10 grams on Tuesday, an increase of Rs 1,899 in early trade.
The price of the most active June delivery on Multi Commodity Exchange (MCX) advanced by Rs 1,899 or close to 2 per cent to an all-time high of Rs 99,178 per 10 grams in early trade. Subsequently, gold with June contract touched Rs 98,880 per 10 grams, an increase of Rs 1601 or 1.65 per cent.
The gold August contract gained Rs 1,848 or 1.89 per cent to an all-time high price of Rs 99,800 per 10 grams. Besides this, October's contract crossed the Rs one lakh mark for the very first time on MCX at an increase of Rs 2,000 or 2 per cent to an all-time high price of Rs 1,00,484 per 10 grams.
At the same time, international gold futures reached a new peak of $ 3,504.12 an ounce. Later, it increased by $ 65.42 or 1.91 per cent to $ 3,490.72 an ounce. Analysts said gold prices have jumped due to concerns over US monetary policy after President Donald Trump unveiled plans to reform the Federal Reserve.
Rahul Kalantri, Vice President, Commodities, Mehta Equities Limited, said that amid uncertainty in global financial markets and the escalation of the US-China trade war, gold prices crossed the level of $ 3,500 per ounce in international markets for the first time and also crossed the level of $ 97,000 in domestic markets.
Amid uncertainty in global markets, gold prices witnessed a lot of volatility. Kalantri said that the dollar index fell to a 3-year low after a dispute between US President Trump and Federal Reserve Chairman Jerome Powell over interest rate cuts.
US President Trump asked the Federal Reserve to cut interest rates. He said that if interest rates are not cut immediately, the US economy may slow down. On Friday, White House economic adviser Kevin Hassett said that President Trump and his team are studying whether they can remove Fed Chairman Jerome Powell. Last week, Federal Reserve Chairman Jerome Powell said the central bank was not inclined to cut interest rates in the near future, citing potential inflationary pressures and economic uncertainties resulting from new tariffs.
