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Gold rate today: Gold prices cross Rs 1 lakh in physical market; yellow metal hits Rs 99,178/10gms on MCX

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Gold price today: Heightened safe-haven demand for gold resulted from the US-China trade tensions. (AI image)

Gold rate today: Gold June futures on MCX reached a new record high of Rs 99,178 per 10 grams on Tuesday, rising approximately Rs 1,900 from the previous session, after crossing the Rs 1 lakh threshold in the retail market.
In the physical market on Monday, gold was trading at Rs 97,200 per 10 gm before GST. After including the 3% GST, retail prices exceeded the significant Rs 1 lakh per 10 gm level.
Silver May futures opened 0.33% higher at Rs 95,562/kg, showing an increase of Rs 315.
The previous trading session saw positive closings for both precious metals domestically and internationally. Gold June futures finished at Rs 97,279 per 10 grams with 2.13% gains, while silver May futures ended at Rs 95,247 per kilogram, up by 0.22%.
Significant price fluctuations occurred in gold and silver markets amidst global market uncertainty. The dollar index dropped to 3-year lows following disagreements between the U.S. President and Fed Chairman regarding interest rate reductions.
The US Dollar Index (DXY) was trading near 98.12, down by 0.16%. The weakening U.S. dollar enhanced gold’s appeal as a safe-haven asset.
Heightened safe-haven demand for gold resulted from the US-China trade tensions. Silver prices initially rose but retreated from daily highs due to profit-taking in industrial metals.
“Uncertainty in the global financial markets and escalating US-China trade war continue to support prices of precious metals. We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and the US-China trade war; gold prices could hold its support level of $3,200 and silver prices could also hold $29.88 per troy ounce levels this week,” said Manoj Kumar Jain of Prithvifinmart Commodity Research according to an ET report.