Gold Price: Domestic gold and silver rates reached all-time highs on Monday, October 21, 2024. On Monday, MCX Gold futures for December 5 expiry surged to a record high of Rs 78,260 per 10 grams. Meanwhile, MCX Silver futures for December 5 expiry and March 5, 2025, expiry reached the life-time highs of Rs 98,224/kg and Rs 1,00,564/kg, respectively.
Notably, Global tensions and the US election uncertainty propel spot gold prices to an all-time high of $2,725.81 per ounce and silver to a near 12-year peak in International markets.
Gold Price: What’s Driving The Surge?
Precious metals are benefiting from a combination of factors, including geopolitical instability, economic uncertainty, dollar index volatility and decreasing interest rates. According to analysts, precious metal prices are rising in anticipation of a possible interest rate reduction by the US Federal Reserve in November. Meanwhile, escalating tensions in West Asia and uncertainty surrounding the US Presidential elections have further fuelled the surge in gold and silver prices.
Share Market Today
Indian stock market indices, Sensex and Nifty50, experienced a significant upswing on Monday. In early trading during Monday’s session, the Sensex surged 545.27 points to reach 81,770.02 points, while the Nifty50 also rallied 124.25 points to reach 24,978.30 levels. However, erasing the early gains sensex and nifty went into the red territory. Currently, Sensex is up nearly 100 points, whereas, Nifty50 is down 20 points.
Among the Sensex pack, stocks like Tech Mahindra, Axis Bank, HDFC Bank, Asian Paints, UltraTech Cement, ICICI Bank etc were trading in green in early trade. However, Kotak Mahindra Bank, Bharti Airtel, Mahindra and Mahindra (M&M), NTPC, Adani Ports, ITC, TCS were trailing among the Sensex pack stocks in the early trade on Monday.
Also Read: Kotak Mahindra Bank Shares Nosedive 7% After Q2 Results, Fails To Meet Market Expectations
