Gold hits fresh lifetime high on MCX, COMEX as safe-haven appeal grows
This story was originally published at 21:42 IST on 7 February 2025
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--MCX Apr gold contract hits record high of INR 85,279 per 10 gm
--COMEX Apr gold contract hits record high of $2,910.6 per oz
MUMBAI – Gold contracts on the Multi Commodity Exchange of India and COMEX hit fresh lifetime highs Friday as global economic uncertainties fuelled safe-haven demand for the yellow metal. Gold buying by China's central bank also lifted sentiment and supported gold prices.
The dollar and expectations of interest rate cuts in the US are not the price drivers this time, said Barbara Lambrecht, commodity analyst at Commerzbank AG, in a report. "Instead, gold is in demand as a safe haven in politically turbulent times," she wrote.
The People's Bank of China added gold to its reserves for the third consecutive month in January, official data showed. The central bank bought 4.97 tonnes of gold in January. In addition, gold stocks held in the London Bullion Market Association's vaults fell by 1.7% on month, or 151 tonnes, to 8,535 tonnes in January, the association said Friday. This could also support prices. The value of gold held in the vaults was $771.6 billion, equating to approximately 682,772 gold bars, it said.
At 2128 IST, the most active April gold contract on the MCX was up 0.9% at INR 85,189 per 10 grams, after hitting a fresh lifetime high of INR 85,279 per 10 gm. The most active April gold contract on COMEX was up 1.1% at $2,908.8 per ounce. The contract hit a new lifetime high of $2,910.6 per ounce earlier Friday. End
US$1 = INR 87.42
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Ashutosh Pati
Edited by Rajeev Pai
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