Gold Today Rate, October 8: Gold is steadily becoming more expensive in India as well as the international market. Goldman Sachs has raised its gold price forecast to $4,900 per ounce, up from $4,300 previously.
New Delhi:
Gold prices are experiencing a sharp surge worldwide. On the morning of October 8th, gold surpassed $4,000 per ounce for the first time in Asian markets. Investors are once again flocking to safe havens. The US government shutdown, a potential rate cut by the Federal Reserve (Fed), and global uncertainty have further increased gold’s luster.
Gold prices rise by Rs 806 on MCX, silver loses its shine
Gold prices continued to rise on the Multi Commodity Exchange (MCX) in India. Gold futures for December delivery were trading at ₹121,055 per 10 grams at 7:51 am, up ₹806 (0.67%) from the previous day. Silver futures were trading at ₹145,410 per kg, down ₹2,109 (1.43%).
Gold futures also set a new record in America
US gold futures (December delivery) closed above $4,000 an ounce for the first time. They rose 0.7% to settle at $4,004.4 and rose as high as $4,014.6 during the day. Spot gold rose 0.6% to $3,985.82 an ounce, having earlier hit an all-time high of $3,990.85.
While gold continues to set records, other metals are trading lower. Spot silver fell 1.4% to $47.86 per ounce.
Why is gold becoming expensive?
According to experts, there are several major reasons behind the rise in gold prices.
- Fed rate cut expectations: Traders are expecting a rate cut of 45 basis points this year.
- Seeking safe havens: Amid the US government shutdown and political turmoil in France, investors are investing in gold.
- Weak Dollar: The global price of gold has gone up further due to the weakness in the dollar index.
- Purchases by Central Banks: Central banks of many countries, including China, are continuously buying gold.
- Inflow into ETFs: Investment in gold-based ETFs has increased rapidly.
More than 50% jump since the beginning of the year
Gold prices have risen 52% since the beginning of this year. Last year, in 2024, they rose 27%. The steadily rising prices have now created a kind of fear of missing out (FOMO), where investors fear that if they don’t buy now, they will miss out.
What is the expert’s opinion on the rising price of gold?
UBS analyst Giovanni Staunovo says, “People are now buying gold despite the high price, which is further accelerating its rally.”
“Amid government shutdowns and rising global uncertainty, safe-haven flows continue. This is why buying in gold remains strong,” said Zaner Metals analyst Peter Grant.
Goldman Sachs raises price target
Goldman Sachs also raised its December 2026 gold price forecast to $4,900 per ounce on Monday, up from $4,300 previously. The bank said gold could become more expensive in the coming months due to ETF inflows and central bank purchases.