Hyderabad: Gold prices reached a historic milestone on Wednesday, crossing the USD 4,000 per ounce mark in international markets, and the rates in Hyderabad crossed Rs 1.23 lakh for the first time ever.

The sharp rally in gold prices has been driven by rising demand for safe-haven assets, as investors seek protection from growing global economic uncertainty and geopolitical tensions.

Speculation about possible interest rate cuts by the US Federal Reserve has further fuelled the rally.

December gold futures

The precious metal touched a record high of USD 4,002.53 in spot trading, while December gold futures on the US Commodity Exchange rose 0.5 per cent to USD 4,025 per ounce.

In India, gold prices also soared to fresh all-time highs on the Multi Commodity Exchange (MCX).

MCX Gold De

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