Gold Hits Record ₹1.27 Lakh/10g, Tops $4,200/Oz on Fed Easing Hopes, Safe-Haven Rush
New Delhi: Gold prices soared to a fresh all-time high on Wednesday, jumping ₹1,244 to ₹1,27,500 per 10 grams in domestic futures trade, as the precious metal crossed the USD 4,200 per ounce mark in global markets amid strong safe-haven demand.
Analysts said renewed geopolitical tensions and trade concerns have driven investors toward gold, traditionally viewed as a safe-haven asset. Sentiment was further boosted after US Federal Reserve Chair Jerome Powell signaled the possibility of monetary easing later this year.
On the Multi Commodity Exchange (MCX), gold futures for December delivery extended gains for the fourth straight session, rising 0.98% to ₹1,27,500 per 10 grams. The February 2026 contract also hit a record high of ₹1,28,435 per 10 grams, up ₹943 or 0.73%.
Silver prices followed suit, with December futures advancing ₹1,256 or 0.78% to ₹1,60,760 per kilogram. The March 2026 contract climbed ₹940 or 0.59% to ₹1,60,522 per kg. Silver had earlier touched an all-time high of ₹1,62,700 per kg.
In the international market, Comex gold futures for December delivery surged nearly 2% to a record USD 4,211 per ounce, extending their bullish run.
“Gold prices climbed past USD 4,200 per ounce as investors sought safety and ramped up bets on additional US monetary easing,” said Jigar Trivedi, Senior Research Analyst at Reliance Securities.
The rally also gained strength from escalating US-China trade tensions. US President Donald Trump accused China of “economically hostile” behaviour for halting soybean imports and threatened retaliatory measures, including a potential cooking oil embargo. Beijing, in response, warned of more countermeasures after imposing sanctions on US subsidiaries of South Korea’s Hanwha Ocean.
Comex silver futures also gained 1.29% to USD 51.27 per ounce, after touching a record USD 52.49 on Tuesday.
Experts noted that rising expectations of US rate cuts and signs of a slowing US economy are adding momentum to the bullion rally. Powell, in his speech at the National Association for Business Economics (NABE) conference, warned that a sharp slowdown in hiring poses risks to economic growth, reinforcing expectations of at least two rate cuts this year.
Meanwhile, the International Monetary Fund (IMF), in its latest World Economic Outlook, raised its global growth forecast for 2025, citing easing financial conditions. However, it cautioned that persistent trade frictions — particularly between the US and China — could threaten global stability.
