Gold price on Tuesday hit a record high amid rising concerns over a potential US government services shutdown. US dollar was also trading lower on weak economic data, ballooning fiscal deficits and expectations of interest rate cuts in Federal Reserve's October meeting this year.

The US dollar index has tumbled nearly 10% this year, its sharpest decline since 2017. The index, which touched a three-year high of 110.18 this year, was now trading at 97 today. On the other hand, gold price on MCX has risen over 47% this year. Gold price hit a peak of Rs 1,16,850 on MCX today. Advertisement

On the global front, price of the yellow metal surpassed $3,800 per ounce for the first ever. This signals a huge 45% rise since the start of the year. Gold has always been a safe-haven asset when equity

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