Hot Commodities: Gold hits record 88499 on MCX; Silver steady above Rs 1 lakh mark

Gold prices soared to a historic high of Rs 88499 per 10 grams on MCX Tuesday, with the April 4 contract starting strong at Rs 88274 and was recently seen trading up by 338 or 0.44%. Silver futures maturing on May 5 mirrored this positive momentum, opening higher at 100964 and peaking at 101190, marking an increase of 420 or 0.42 percent. The US dollar index hovered around 103.2, weighed down by economic uncertainties and ongoing trade tensions driven by President Donald Trump?s aggressive tariff stance. Traders are treading cautiously ahead of the Federal Reserve?s policy announcement on Wednesday, where rates are expected to remain steady, though markets anticipate 60 basis points of rate cuts this year. Additionally, the Bank of Japan and the Bank of England are gearing up to reveal their policy decisions later this week, adding another layer of anticipation to the global financial landscape.

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