Gold rate today: Gold futures soared to fresh peaks on Tuesday, with expectations of an imminent US Federal Reserve rate cut and a weaker dollar driving safe-haven buying across global and domestic markets. On the Multi Commodity Exchange (MCX), October contracts jumped Rs 384, or 0.34 per cent, to a record Rs 1,10,563 per 10 grams, surpassing the previous high of Rs 1,10,330 set in the last session.The December delivery contract also touched new levels, climbing Rs 418 to Rs 1,11,655 per 10 grams against the earlier record of Rs 1,11,350, PTI reported.“Gold prices scaled a record peak, supported by a weaker dollar and US Treasury bond yields ahead of the Federal Reserve’s policy meeting, where the central bank is widely expected to cut borrowing rates,” said Manav Modi, research analyst for precious metals at Motilal Oswal Financial Services.The dollar index slipped 0.34 per cent to 96.97, extending bullion’s rally. Market participants are awaiting Fed Chair Jerome Powell’s policy statement later this week, with a 25-basis-point cut widely priced in. US President Donald Trump has publicly urged Powell to implement a “bigger” reduction in rates.Global gold futures surged to USD 3,736.97 per ounce, supported not only by monetary easing expectations but also by geopolitical tensions in the Middle East and Ukraine.The atmosphere of uncertainty deepened after a US appeals court rejected Trump’s attempt to remove Fed Governor Lisa Cook, a move analysts say could challenge the central bank’s independence. Meanwhile, US Treasury Secretary Scott signalled that no additional tariffs would be imposed on Chinese goods, while pressing Europe to hit China and India with steep duties if they continue buying Russian oil.“Investors will closely track US retail sales and industrial output data for further cues on the Fed’s monetary stance and the near-term direction of gold,” Modi added.
