Hyderabad: Gold rates in Hyderabad and other districts in India hit fresh record highs on Tuesday as investors turned to the precious metal amid growing global uncertainties and expectations of more rate cuts by the US Federal Reserve.

On Tuesday, MCX Gold December futures touched an all-time high of Rs 1,20,769 per 10 grams.

Reasons for the surge

In the international market, gold prices also surged to record highs as investors sought safe-haven assets due to rising economic and political tensions in the United States.

Expectations that the US Fed may cut interest rates further have added to the positive sentiment around gold and pushed prices in Hyderabad and across the world.

The ongoing US government shutdown has deepened worries about the country’s economic stability.

Gold rates

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