Gold price on Tuesday hit a record high as the US government services shutdown continued for sixth day amid weakness in the US dollar. Expectations of interest rate cuts in Federal Reserve's October meeting this year also added shine to the yellow metal.

The US dollar index is down 9.51% this year, sharpest decline the currency has seen since 2017. The index, which touched a three-year high of 110.18 this year, was trading at 98.20 today. On the other hand, gold price on MCX has risen over 50% this year. Gold price hit a peak of Rs 1,20,900 on MCX today. The yellow metal gained Rs 651 from the previous close of Rs 120249. Advertisement

The rising gold demand can also be attributed to festive season buying, which boosted sentiment around the yellow metal.

In the global market, gold pr

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