Gold & Silver Rates Today Live Updates: Spot Gold Nears $5,000, MCX Gold Retreats From New High

Gold rates in India rebounded to touch a new all-time high as geopolitical risks continue to linger despite US President Donald Trump's announcement of US getting access to Greenland. However, the details are unclear of the new resolution between US and European Union as Denmark reaffirmed its sovereignty over the Artic island.

In the early deals, MCX gold touched a new all-time high of Rs 1,59,226 per 10 grams, nearing the Rs 1.60 lakh mark. Meanwhile, MCX silver also rose to hit new record of Rs 3,42,297 per 1Kg. Both precious metals are trading higher by 2% to 3%.

The performance tracks international gold and silver prices. Spot gold advanced to touch new historic high of $4,950 per ounce, while spot silver clocked 3% gains to hit $99 per ounce for the first time ever.

Apart from geopolitical uncertainty, dollar has weakened which makes precious metals attractive for investors. Also, market is expecting a 25 basis points rate cut from US Federal Reserve in the upcoming monetary policy meeting scheduled next week.

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