Gold price hits record high on MCX; Crosses $2000/Ounce mark on COMEX

The Gold prices in both domestic and international markets went up, extending their gains. The gains are driven by rising safe-haven demand from investors.

On the Multi Commodity Exchange (MCX) of India, the rate hit an all-time high of ₹61,145 per 10 gm. As per MoneyControl, concerns that the US economy is heading towards a possible recession spooked traders, and pushed gold prices above the key level of $2,000-per-ounce mark on COMEX.

Gold prices made a record-breaking gain last year, fueled by poor manufacturing data from the U.S., coupled with signs of a cooling job market. The US FED has been hiking the interest rate to combat the inflation. According to MoneyControl, at its next meeting, the central bank could pause its rate-hike cycle due to substantial weakening of the US economy. This is bullish for gold prices as a pause in rate-hike cycle would encourage traders to invest more in assets such as gold.

Silver rates also saw an uptrend hitting 12-month high in international market whereas it hit 22-month high on MCX.