&imwidth=800&imheight=600&format=webp&quality=medium "Gold and silver futures prices log record highs. Here's why")
Gold and silver futures prices surged on Monday to a new high amid expectations that the US Federal Reserve might cut policy rates further. A weak US dollar also contributed to the rally. The December gold contract reached a high of Rs 1,15,939 per 10 grams on the Multi-Commodity Exchange (MCX). The October futures also reached a record Rs 1,14,992 per 10 grams. Silver futures for December also reached an all-time high of Rs 1,44,179 per kg.
Prathamesh Mallya, DVP-Research, Non-Agri Commodities and Currencies at Angel One, told PTI that investors are considering whether to book profits or enter the market at these elevated prices. He said that the momentum was built by geopolitical occurrences like Donald Trump's tariff measures, the Russia-Ukraine war, and the US-China tensions.
Jigar Trivedi, Senior Research Analyst at Reliance Securities, told the agency that the prices of gold are rising because investors anticipate Fed rate changes in October and December.
Why is the price of gold rising?
Global uncertainties like Trump's fresh round of tariffs on drugs may also prompt more investment in gold. In the near term, the prices may rise further.
Internationally, gold jumped to a record high above $3,800 per ounce on Monday. The prices were supported by a weaker dollar and growing expectations that the Federal Reserve will cut interest rates further.
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Spot gold rose 1.5% to $3,814.91 per ounce by 0624 GMT. U.S. gold futures for December delivery gained 0.9% to $3,844, reported Reuters.
Inflation in the US might lead the Federal Reserve to cut rates. It cut the rates by 0.25 percentage points. The markets believe that the rates will be cut further in October and December.
Experts believe that the sentiment is bullish and more highs may be recorded over the next few days.