Gold rate today: Yellow metal hits record high on MCX, check the latest prices in your city on August 29

Gold rate today

Gold prices jumped on August 29, extending significant gains amid uncertainties. Gold's October contracts on the Multi Commodity Exchange of India (MCX) hit a fresh record high of Rs 1,02,523 per 10 grams today.

Let's check the latest prices of 10 grams of 22 carat and 24 carat gold in major cities of the country on August 29:

"The precious metal remains a popular pick with investors ahead of what is expected to be a period of looser monetary policy in the U.S. starting next month," Reuters cited KCM Trade chief market analyst, Tim Waterer, as saying.

Federal Reserve Governor Christopher Waller on Thursday stepped up his call for cutting short-term U.S. borrowing costs, saying he would support an interest-rate cut next month and further reductions over the next three to six months. "Based on what I know today, I would support a 25 basis point cut" at the upcoming September 16-17 meeting of the rate-setting Federal Open Market Committee, he told the Economic Club of Miami. This may have further impacted gold prices.

(With inputs from Reuters)

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