Gold Prices Hit Record High on MCX Amid Recession Fears and Weaker Dollar
Not just in India, global gold prices also surged, crossing USD 3,300 per ounce as per the report.
Gold Prices Hit Record High on MCX Amid Recession Fears and Weaker Dollar, latest news:
Gold prices on the Multi Commodity Exchange (MCX) soared to a record high on Wednesday, driven by a weakening dollar, escalating trade war tensions, and growing fears of a global recession, which have increased safe-haven demand.
According to an ANI report, gold on the MCX was trading at rupees 95,172 per 10 grams after touching an all-time high of rupees 95,435.
"Gold prices raced to an all-time high, driven by a weaker dollar, trade war tensions, and concerns over global economic growth due to U.S. President Donald Trump's tariff plans, which led to safe-haven inflows," said Manav Modi, Senior Analyst of Commodity Research at Motilal Oswal Financial Services Ltd, in a statement to ANI.
Not just in India, global gold prices also surged, crossing USD 3,300 per ounce as per the report.
Sachin Jain, Regional CEO (India) at the World Gold Council (WGC), told ANI, "We believe that the fundamentals of gold are still very strong and will continue to remain strong throughout the year."
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