Indian gold rates touch Rs 1.22 lakh on MCX; Globally Gold prices hit historic highs

The precious metal touched a record high of $4,002.53 in spot trading, while December gold futures on the US Commodity Exchange rose 0.5 per cent to $4,025 per ounce.The sharp rally in gold prices has been driven by rising demand for safe-haven assets, as investors seek protection from growing global economic uncertainty and geopolitical tensions.

Speculation about possible interest rate cuts by the US Federal Reserve has further fuelled the rally.

In India, gold prices also soared to fresh all-time highs on the Multi Commodity Exchange (MCX.MCX Gold December futures surged past the Rs 1,22,000 per 10-gram mark for the first time, hitting a record high of Rs 1,22,101 during early trade.

In the early trade, gold futures were trading 0.69 per cent higher at Rs 1,21,949 per 10 grams, while silver futures rose 0.73 per cent to Rs 1,46,855 per kg.

The yellow metal has been on a strong upward trend throughout the year, supported by robust central bank buying, steady inflows into gold ETFs, and a weaker US dollar.