Gold rallies Rs 458 to breach Rs 1.10 lakh mark; hits all-time high

On the MCX, the yellow metal futures for December delivery appreciated Rs 458 or 0.41 per cent to hit a lifetime high of Rs 1,10,047 per 10 grams.

New Delhi: Gold prices jumped by Rs 458 to scale an all-time high of Rs 1,10,047 per 10 grams in the domestic futures market on Tuesday, tracking a rally in the global trend where the precious metal hit fresh peaks amid weakness in the US dollar following disappointing labour market data.

Also, the most traded gold futures for October delivery increased Rs 482 or 0.44 per cent to hit a record peak of Rs 1,09,000 per 10 grams on the Multi Commodity Exchange (MCX).

"Gold hit a fresh all-time high, supported by mounting expectations of Federal Reserve interest rate cuts through year-end. Weak US jobs report last Friday led markets to price in three rate cuts this year, including a 25 basis-point cut at the Fed's policy meeting next week," Jigar Trivedi, Senior Research Analyst at Reliance Securities, said.

In the overseas markets, Comex gold futures for December delivery rose to hit an all-time high of USD 3,694.75 per ounce.