Gold crosses ₹1,10,000 mark for 1st time in India
Gold just broke records in India, crossing ₹1,10,000 for 10gm for the first time ever.
On Tuesday, gold futures on the Multi Commodity Exchange soared past ₹1,10,000, mirroring a global jump as US gold prices also hit new highs.
The main drivers? Hopes that the US Federal Reserve will cut interest rates soon and a weaker US dollar.
Gold's global rally
The price surge kicked off after weak US jobs data made investors think rate cuts are coming—possibly as soon as September.
More money flowing into gold-focused ETFs and big buys from central banks have added fuel to the fire.
Upcoming US economic reports could keep things moving: if more signs point to a slowing economy, gold might climb even higher; but if the data surprises everyone with strength, prices could cool down.