MCX gold hits new record high on increased safe-haven buying

Gold prices in Saturday's special session have hit a new record high amid increased safe-haven buying. On the MCX, gold April futures have hit a new high of Rs 82,750, gaining 0.63 per cent from the previous close. At the last count, gold price was up by Rs 267 or 0.32 per cent at Rs 82,500 per 10 gm. 

Currently, the price of the yellow precious metal is seeing a rise amid rising uncertainty over the US trade policies as well as strong domestic demand.

In the previous session too, gold prices internationally hit a record high above $2850 (around Rs 82,000) after the dollar declined following a report that revealed the US economy grew more slowly than anticipated in the fourth quarter. The fourth quarter saw a 2.3 per cent increase in the US GDP, which was less than the 2.5 per cent increase that was predicted and down from the 3.1 per cent increase in the previous quarter.

Also, the metal prices skyrocketed earlier this week amid safe-haven buying due to disappointing US pending home sales and advance GDP data.

Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said," budget-driven premiums were observed in MCX gold, anticipating potential duty changes. If no changes occur, the premium may reduce on the Budget day. The expected range for gold is Rs 80,500-₹83,000, excluding any duty-related adjustments."