Mumbai

Gold prices soared to a fresh record high on Thursday as investors turned to the safe-haven metal amid rising geopolitical tensions and economic uncertainty. Expectations of US interest rate cuts and a weaker dollar also boosted demand for the yellow metal. MCX Gold December futures surged by nearly Rs1,200, or 1 per cent, to hit a new record of Rs1,28,395 per 10 grams.

Similarly, MCX Silver December futures jumped over Rs1,900, or more than 1 per cent, to reach a fresh high of Rs1,64,150 per kg.

In the morning trade, gold futures on MCX were trading 0.60 per cent higher at Rs1,27,960 per 10 grams, while silver futures were up 1 per cent at Rs1,63,812 per kg.

Spot gold rose 0.4 per cent to $4,224.79 per ounce in early trade, after touching a record high of $4,225.69. Meanwhile, US gold futures for December delivery gained 0.9 per cent to $4,239.70 per ounce.

Gold, which performs well in periods of low interest rates, has surged 61 per cent so far this year as investors continue to seek refuge from global market volatility. The US dollar index slipped 0.1 per cent, hovering near a one-week low, making gold more attractive to foreign investors as it became cheaper in other currencies.