Gold prices continued their upward march on Wednesday (October 15), reaching just shy of $4,200 per ounce, as a combination of expectations for US rate cuts, ongoing geopolitical tensions, and safe-haven demand pushed the metal to new heights.

Spot gold rose 0.8% to $4,173.56 per ounce, after briefly touching a record $4,186.68 an ounce. US gold futures for December delivery climbed 0.7% to $4,192.90 an ounce.

In India, 24-karat gold traded at ₹12,889 per gram, 22-karat at ₹11,815 per gram, and 18-karat (999 gold) at ₹9,697 per gram for 10 grams.

Market watchers say the rally is fueled by dovish signals from the US Federal Reserve. Chair Jerome Powell highlighted subdued labor market conditions and signaled that interest rate decisions would be made on a “meeting-by-meeting” basis.

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