Other Markets - Bullion Markets
Gold prices hit all-time highs as safe-haven demand rises As on : 20-Sep-24  13:48

Gold prices soared to record levels in Asia electronic trades on Friday, driven by a sharp decline in the US dollar and heightened safe-haven demand amid rising geopolitical risks. MCX October bullion futures approached Rs 74,000 per 10 grams, nearing the all-time high of over Rs 75,000 reached in July. The Federal Reserve's unexpected 50 basis point interest rate cut, its first since early 2020, is expected to enhance gold's appeal by reducing the opportunity cost of holding non-yielding assets. Meanwhile, the People's Bank of China, Bank of England, and Bank of Japan maintained their respective rates, indicating a cautious stance. Additionally, escalating tensions in the Middle East, particularly Israel's actions near the Lebanon border, have further bolstered gold's status as a safe haven.

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