Gold price in India, Nov. 28 -- Following a 60% rise this year, gold prices are set to script history - poised for the best yearly gains in 46 years since 1979. Treading higher for the fourth year in a row, gold prices in India touched a record this year at Rs.1,32,294 on the MCX, with Trump tariff tantrum being a major trigger behind the boom in the precious metal, triggering central bank buying and rate cuts by the US Federal Reserve.

After a brief pullback, bullion bulls are roaring again as MCX gold prices rose to Rs.126,283, nearing their record high.

The latest boost has come as Fed rate cut hopes for the December meeting rekindled after a brief pause. Traders are pricing in an 85% chance of a rate cut in December, up from 50% a w...