The price of gold soared Tuesday to a record peak, propelled by trader expectations of falling US interest rates in September as inflation cools.
In late afternoon London deals, gold soared 1.7 percent to touch $2,463.80 per ounce, crushing its previous pinnacle of $2,450.07 reached in May.
-
-
'Threat Very Real To India': Microsoft AI Expert At NDTV World Summit -
SRK Or Ranveer? AI Actor's Cheeky 'Infidelity' Joke At NDTV Summit -
World's 1st AI Actor Was Asked If She Knew Hindi. A Conversation Followed -
"1 In 3 Chance AI Will kill Humanity": Alex Turner At NDTV World Summit -
On India's Talent Pool, A <i>"Hum Kisi Se Kam Nahi"</i> Pitch From Expert -
'The Balance Of Global Power Is Shifting': Shashi Tharoor At NDTV World Summit -
Trump's H-1B Curbs Could Be A Big Opportunity For India: Shivkumar Kalyanaraman -
How Far Is India In High-Speed Flight? IISc's Duvvuri Subrahmanyam Answers -
At NDTV World Summit, Palestinian Envoy's Amitabh Bachchan Reference For India Visit -
'When Are We Going To See Flying Ubers?' Dominic Taylor Answers
Ricardo Evangelista of ActivTrades saw gold benefiting "from the weakening of the dollar and the decline in Treasury yields," which are gold's rival assets, after the publication last week of data confirming that inflation in the United States was returning to levels close to those hoped for by the Fed.
"There is no doubt that the recent surge in gold prices can be at least partially attributed to a declining dollar and falling bond yields, thanks to weaker-than-expected US data and an unexpected drop to 3 percent in US consumer inflation last week," said Fawad Razaqzada, analyst at City Index.
He added that "gold continues to attract interest for its value retention capabilities."
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
Track Latest News Live on NDTV.com and get news updates from India and around the world
