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Gold prices hit record high in India after fourth weekly gain

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Gold prices hit record high in India after fourth weekly gain

NEW DELHI: As international gold prices scaled past $1,900 level in the international market, gold prices in India today hit a fresh record high in the futures market. Gold futures on MCX hit record high at Rs 56,245 per 10 grams, surpassing the previous record of Rs 56,191 hit in August 2020.

The yellow metal ended the day at Rs 55,990, up 0.21%.

In the overseas market, gold was trading in the green at $1,898 per ounce while silver was flat at $23.73 per ounce.

“Gold prices edged higher and were on track for a fourth weekly gain, supported by a weaker dollar and expectations of slower interest rate hikes by the US Fed Reserve,” said Navneet Damani, Senior VP – Commodity Research at Motilal Oswal Financial Services.

In the international market, gold prices firmed above the key $1,900 level on Friday, hitting their highest since late April after a surprise decline in US consumer prices boosted bets for slower Federal Reserve interest rate hikes.

Spot gold was up 0.4% at $1,905.19 an ounce, as of 1008 GMT. The metal has risen 2.1% so far in the week, heading for a fourth straight weekly gain.

US gold futures rose 0.5% to $1,907.90. “Should the Fed fail to hit back against market expectations that peak US rates are close at hand and that an eventual rate cut remains on the table, that may tempt gold bulls to hone in their sights on $2k gold,” said Han Tan, chief market analyst at Exinity.

Gold prices rose as much as 1.3% on Thursday to cross the $1,900 per-ounce threshold for the first time since early May 2021, after data showed US consumer prices fell for the first time in more than 2-1/2 years in December.

Bullion was also supported by comments from Fed policymakers that the central bank could scale back the pace of its interest rate hikes if inflation eased further in December. However, they cautioned rates were likely to remain higher for longer.

(With inputs from agencies)

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