Gold Prices Surge to Record High Amid US Inflation Fears
Gold prices in India surged to an all-time high on August 12, as investors tracked US inflation, crude oil, and geopolitical risks. The precious metal had already recorded a strong run in the previous trading session, gaining Rs 1,200 to reach Rs 1,57,200 per 10 grams in the Delhi bullion market.
The All India Sarafa Association reported that 24-carat gold climbed to Rs 1,57,200 per 10 grams, including all taxes. On the futures market, gold traded higher, with the 24-carat gold futures contract on the Multi Commodity Exchange (MCX) gaining 0.35 percent or Rs 540 to Rs 1,53,639 per 10 grams.
According to IBJA, gold was priced at Rs 1,52,800 per 10 grams, while the international price stood at $4,429.8 per ounce. The rise in futures was attributed to fresh buying by traders and firm demand in the spot market.