Gold futures surged to fresh record highs near $4,650 per ounce in Asian trade on Wednesday, underpinned by firm expectations of US rate cuts and an intensification of safe-haven flows. Market focus now shifts to the US PPI and retail sales data for further insight into the economic outlook and the Federal Reserve's policy trajectory. Haven demand was further reinforced by renewed concerns over the Fed's independence following a criminal probe linked to Chair Powell's June testimony, alongside elevated geopolitical risks tied to Iran's internal unrest and potential US involvement. In the domestic market, MCX February gold futures advanced over ₹1,000 to ₹143,330 per 10 grams, marking a fresh all-time high and mirroring strength across global precious metals.

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