MUMBAI: Gold prices hit fresh record highs in morning trade on the Multi Commodity Exchange (MCX) on Tuesday, as investors turned to the precious metal amid growing global uncertainties and expectations of more rate cuts by the US Federal Reserve.
MCX Gold December futures touched an all-time high of Rs 1, 20, 769 per 10 grams.
Around 9:15 am, gold was trading 0.43 per cent higher at Rs 1, 20, 769 per 10 grams, while MCX Silver December futures were up 0.12 per cent at Rs 1, 47, 701 per kg.
In the international market, gold prices also surged to record highs as investors sought safe-haven assets due to rising economic and political tensions in the United States.
Expectations that the US Fed may cut interest rates further have added to the positive sentiment around the yellow metal.