Other Markets - Bullion Markets
Gold breaks records as investors seek refuge from global uncertainty As on : 21-Oct-24  14:08

Gold prices soared to record levels in Asia's electronic markets, reaching $2,748 per ounce. This surge is largely driven by heightened demand for safe-haven assets as tensions escalate in the Middle East, particularly after Hezbollah's announcement of an intensified conflict with Israel and recent Israeli strikes in Beirut. Additionally, the uncertainty surrounding the upcoming U.S. presidential elections is boosting gold's appeal. Looser monetary policies from major central banks, including recent rate cuts by the People's Bank of China and the European Central Bank, are also supporting gold prices. However, strong U.S. economic data has raised expectations for a more hawkish stance from the Federal Reserve. Meanwhile, MCX December gold futures climbed over ₹500, hitting intraday highs of ₹78,250 per 10 grams.

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