Gold prices rally in international market, impacting domestic prices. Prices breach Rs 64,000/10 grams mark on MCX. Sharp correction follows, falling below $2,050 level. Local markets sell gold at Rs 67,500/10gm, a new all-time high. Surge in prices attributed to news of US warship and commercial ships attack in Red Sea. On the other hand, Avinash Gupta, former director, All India Gems & Jewellery Domestic Council, feels the surge was not substantiated by any fundamentals and was driven only by anticipation of the US Fed slashing interest rates much earlier than expected.
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