Gold Soars 8% on MCX to Record High Amid Geopolitical Tensions, Dollar Weakness

• Gold futures on MCX surged by 8.46% to ₹179,569 per 10 grams, reaching a record high on January 29.
• Silver futures also saw a significant rise of 4.78% to ₹403,800 per kilogram.
• The price hike is attributed to strong retail demand, a weaker US dollar, and increasing geopolitical uncertainties.
• The US Federal Reserve maintained policy rates, but markets anticipate two rate cuts later in the year, supporting precious metal prices.
• Experts like Manoj Kumar Jain highlight strong safe-haven demand for gold and silver amidst global instability.

Why It Matters: Gold and silver hit record highs on MCX driven by geopolitical concerns, a weaker dollar, and strong demand.