Gold futures surged to a new all-time high of $4190.9 per ounce in Asian trades on Tuesday, driven by intense safe-haven demand as US-China tensions deepened and rate-cut bets strengthened. The rally gained momentum after Beijing threatened further retaliation, following sanctions on five US units of South Korea's Hanwha Ocean, while President Trump warned of 100% tariffs on Chinese imports. Market unease persisted over the extended US government shutdown, with Treasury Secretary Scott Bessent cautioning that it is beginning to weigh on the economy. Investors now await Fed Chair Jerome Powell's address at the NABE annual meeting for cues on the policy outlook, as traders price in back-to-back rate cuts in October and December. On the MCX, December bullion futures climbed over 1% to ₹126140 per 10 grams after touching nearly ₹127000 earlier in the session, underscoring robust momentum in the gold market.
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