(Reuters) -Australian lender ANZ Group raised its year-end gold price forecast to $3,800 per ounce on Wednesday and expects prices to peak near $4,000 by next June, supported by strong investment demand for bullion.

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The rise of the precious metal serves as a barometer of the economic mood, and investors are searching for a safe haven.

Gold's October contracts on the Multi Commodity Exchange of India (MCX) opened at Rs 1,08,744 per 10 grams today.

Gold prices are expected to continue their bullish trend, driven by expectations of a Federal Reserve interest rate cut and weak US labor market data.

Today's 18, 22 and 24 Carat Gold Prices in Chennai, Bangalore, Hyderabad, Mumbai, Delhi: The price of gold stands at ₹11,051 per gram for 24-karat, ₹10,130 per gram for 22-karat, and ₹8,288 per gram for 18-karat.

The sustained rally in bullion is being closely tracked by investors and households alike, particularly with Kolkata’s robust demand for gold jewellery and investment pieces.

Gold Price Today: The price of 24-carat gold rose ₹10 in early trade on Wednesday, with ten grams of the precious metal trading at ₹1,10,300, according to the GoodReturns website. The price of silver also climbed ₹100, with one kilogram of the precious metal selling at ₹1,30,100.

Gold per tola rose to Rs388,100 as global safe haven demand lifted prices. Rupee inched up to 281.61 and govt debt reached Rs77.9 trillion.

As the second-largest consumer of gold globally, India is heavily dependent on imports to satisfy its appetite, with only a small portion met through recycled supply.