Gold prices in India witnessed steep rally today amid likelihood of more US interest rate cuts and continued tensions prevailing in Middle East. 24k gold price today surged by Rs 820 to Rs 75,930/10 grams and 100 grams of 24 carat precious metal rose by Rs 8,

Gold October futures at MCX opened higher at Rs 73,645 per 10 gram, while silver December futures surged nearly 1% to Rs 90,008/kg. Internationally, gold prices approached record highs due to a weaker dollar and anticipated aggressive rate cuts by the U.

The price of 22-carat gold declined Rs 10, with ten grams of the yellow metal selling at Rs 68,640. The price of ten grams of 24-carat gold in Mumbai is in line with prices in Kolkata and Hyderabad, at Rs 74,

Expert believes that despite slight hiccups in demand for a brief period, overall gold demand will be upbeat throughout the festive season of 2024. Also, the Feds cut comes as an opportune time to reinstate yellow metal as an investment haven.