Gold price hits fresh record high to cross Rs 57,000 mark. What’s the trigger?.
Having made five consecutive weekly gains on hopes of slower rate hikes by the US Federal Reserve, gold prices today hit a fresh all-time record high in India. On MCX NSE -0.67 %, February gold futures rose to Rs 57,099 per 10 grams. The yellow metal, treated as a haven asset during uncertain times, is up 4% so far in the calendar year 2023.
The gold price rise comes amid weakness in the US dollar and softening of US treasury yields. Analysts say investors are seeking refuge in the safe haven metal amid concerns over a global economic slowdown.