Gold rate today, Oct. 4 -- Following the safe-haven demand for precious metals after the US shutdown, which fueled optimism for a US Fed rate cut, gold prices extended their rally for the seventh straight week. The MCX gold rate finished at Rs.1,18,100 per 10 grams, logging a weekly gain of 2.79%. Before settling above the Rs.18,000 level, MCX gold rate climbed to a new peak of Rs.1,18,444 per 10 gm as well. In the international market, spot gold price surged to a new lifetime high of $3,896.91 per ounce, underscoring the global appeal of the yellow metal.

According to experts, the primary reason for the gold price rally can be attributed to the US shutdown, which fueled speculations about the US Fed rate cut in the upcoming US Fed meeti...