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    Home / News / Business News / Gold prices skyrocket to record high: What's fueling the surge
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    Gold prices skyrocket to record high: What's fueling the surge
    In India, the price of 24K gold has already crossed ₹78,000 per 10gm

    Gold prices skyrocket to record high: What's fueling the surge

    By Mudit Dube
    Oct 18, 2024
    03:04 pm

    What's the story

    Gold prices have skyrocketed to an all-time high, crossing $2,700 per ounce for the first time on Friday.

    The surge is primarily due to rising geopolitical tensions in the Middle East and uncertainty over the upcoming US elections.

    In India, the price of 24K gold has already crossed ₹78,000 per 10gm while MCX gold futures have crossed ₹77,000 per 10gm.

    Market dynamics

    Geopolitical unrest and economic concerns fuel gold's appeal

    The ongoing Israel-Hamas conflict, with Hezbollah threatening to escalate it further, has increased the safe-haven demand for gold.

    Investors often flock to gold in times of conflict and uncertainty, seeing it as a reliable store of value.

    Moreover, despite signs of US economic resilience, traders expect the Federal Reserve to cut rates soon.

    This expectation is also boosting gold's appeal as lower interest rates make non-yielding assets like gold more attractive.

    Additional factors

    US elections and global monetary policies impact gold prices

    The upcoming US elections, which will see a close contest between Kamala Harris and Donald Trump, are adding to market volatility and driving gold prices higher.

    Further, central banks across the world have been slashing interest rates to combat sluggish economic growth.

    The European Central Bank (ECB) already cut rates for the third time this year on Thursday.

    Market forecast

    Experts predict sustained high gold prices amid global uncertainties

    "Gold prices are benefitting from the ECB's rate cuts and safe-haven demand amid heightened geopolitical tensions. We expect gold to continue trading between $2,500 per ounce and $2,800 per ounce," Rahul Kalantri, VP of Commodities at Mehta Equities, said.

    Analysts expect gold prices to remain high as geopolitical risks and economic uncertainty persist.

    Independent metals trader Tai Wong said, "Gold shows no signs of slowing down," despite a strengthening US dollar.

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