Gold Prices Soar to Record High on Safe-Haven Demand and Weaker Dollar

Gold prices surged to Rs 1.46 lakh per 10 grams on the Multi Commodity Exchange, marking a gain of Rs 2,165 or 1.5 percent for the second consecutive session.

The rally was driven by increased safe-haven buying amid renewed geopolitical uncertainty and a weaker US dollar, said Gaurav Garg, Head of Research at Lemonn Markets Desk.

Comex gold futures for the December contract rose by USD 73.90 or nearly 2 percent to USD 4,226.50 per ounce in New York.

Pinky Yadav, Commodity Fundamental Analyst at Choice Broking, attributed the rally to optimism over a potential agreement to reopen the Strait of Hormuz, which eased geopolitical tensions and pushed oil prices lower.