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Gold Price Hit Record High on MCX Futures

Soon after trading opened on Thursday, gold price surged to a record high of 66,778 per 10 gram on Multi Commodity Exchange (MCX) futures for April 2024 expiry. The yellow metal opened at Rs 66,100 per 10 gm on the back of US Federal ReserveÔÇÖs decision to keep interest rates steady at 5.25-5.5 per cent.

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Factors Contributing to Record Gold Prices

Spot gold prices climbed to a record high as the U.S. dollar and bond yields ticked lower soon after Fed Chair Jerome Powell maintained its projection of three rate cuts for this year. Lower interest rates decrease the opportunity cost of holding non-yielding bullion and weigh on the dollar.

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Market Reaction and Expert Analysis

Spot gold was up 2.07 per cent at $2,205.80 per ounce after hitting an all-time high of $2,222.39 earlier in the session. Silver, on the other hand, advanced 2.83 per cent at $25,815 per ounce.

ÔÇ£ItÔÇÖs the goldilocks scenario for gold prices, where marginally higher inflation expectations meet lower nominal rates to create decreased real yields,ÔÇØ said Kyle Rodda, a financial market analyst at Capital.com to Reuters.

ÔÇ£A dovish Fed, a little squeeze on existing shorts, and a touch of momentum chasing have boosted bullishness in the gold market.ÔÇØ

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Analysts’ Projections and Market Trends

ÔÇ£With Powell keeping three potential rate cuts in play this year, bond yields and the USD dipped, which opened a pathway higher for the gold price,ÔÇØ said Tim Waterer, chief market analyst at KCM Trade, said in a note.

The dollar slipped to a one-week low against its rivals with dollar index trading 0.11 per cent lower at 102.90. The benchmark U.S. 10-year Treasury yields also dipped.

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