Gold Prices Hold Firm Near Lifetime Highs

Gold prices (October futures contracts at MCX) held firm at Rs 1,10,177 per 10 grams on the MCX October futures contract, staying near their lifetime high of Rs 1,10,330, hit in the previous trading session. The precious metal has been on a record-setting spree in recent sessions, supported by a weaker dollar, safe-haven demand, and rising expectations of a U.S. Federal Reserve rate cut this week.

Mirroring a similar sentiment, silver December futures contracts on MCX opened at Rs 1,29,338/kg, sustaining near the peak of Rs 1,29,622, also hit in Monday’s session.

In the international market, gold prices reached a record high on Tuesday, supported by a weaker dollar ahead of the Federal Reserve’s policy meeting this week, where the central bank is widely expected to cut interest rates.

Spot gold rose 0.1% to $3,680.17 per ounce as of 0109 GMT, after hitting a record high of $3,689.27 earlier in the session.

On Tuesday, gold and silver settled on a positive note in the domestic market and international markets. Gold October futures contract settled at Rs 1,10,179 per 10 grams with a gain of 0.74% and silver December futures contract settled at Rs 1,29,429 per kilo.