Gold hits another record of ₹114000 on MCX

Gold hit a fresh record above $3800 an ounce on Tuesday, boosted by hopes of more Federal Reserve rate cuts this year and weakness in the US dollar. MCX bullion futures also surged, breaking Rs 114000 per 10 grams and setting a new all-time high in India. The dollar index fell below 97, adding further support to gold. Markets are weighing Fed signals, with some officials urging caution on rate cuts, while new governor Stephen Miran highlighted the need for more aggressive easing to protect the labor market. The Fed delivered its first rate cut last week and signaled further reductions as the labor market shows signs of weakening. Traders now await Fed Chair Jerome Powell?s remarks on the economic outlook and Friday?s PCE price index for fresh guidance on inflation and policy direction.

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