Gold Prices Soar Amid Economic Turmoil

Gold prices have reached record highs, surpassing Rs 97,000 per 10 grams due to strong local demand and ongoing economic tensions. The rally is driven by escalating trade tensions, a weakening US dollar, and increased buying from China. The market remains bullish as investors seek refuge in gold.

Gold prices broke new records in futures trading on Monday, surpassing Rs 97,000 per 10 grams for the first time amid firm demand. The June delivery contract of the precious metal surged by Rs 2,111, hitting a record high on the Multi Commodity Exchange (MCX).

The August and October contracts also saw significant hikes, crossing Rs 98,000 per 10 grams. Analysts cite factors like rising tariff tensions, US economic concerns, and a looming debt crisis for bolstering gold's bullish trend.

Globally, gold futures reached an all-time high of USD 3,442 per ounce, driven partially by a weakened US dollar and global economic slowdown fears. Tariffs imposed by the US, along with criticisms from President Trump towards the Federal Reserve, have further fueled market volatility.

(With inputs from agencies.)