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Gold prices hit record high today

Jan 24, 2023

By: BlinkX Research Team

Indian gold rates rose to new high on Tuesday tracking firm global rates. It hit a fresh all-time high tracking gains in overseas markets and a depreciation in the rupee currency, but the surge dampened demand in the world's second biggest consumer of the precious metal.

Gold rates are up Rs 7,000 per 10 gram since November as a drop in US bond yields and a softer dollar spurred a rebound in global rates. Whereas in domestic futures market, MCX gold rose 0.4% to Rs 57050 per 10 gram while silver jumped 0.5% to Rs 68301 per kg.  

In global markets, supported by a weaker US dollar, spot gold rose 0.2% to $1,935.69 per ounce. Among other precious metals, spot silver gained 0.4% to $23.54 per ounce.

Further, the US dollar has softened in recent weeks on rising bets of lower rate hikes. A weaker greenback makes dollar-priced bullion more affordable for many buyers. Meanwhile, investors await US fourth quarter GDP growth estimates due in this week.