Gold Futures Hit Record ₹1.32 Lakh/10g as Global Uncertainty, Fed Rate Cut Bets Boost Safe-Haven Demand
New Delhi: Gold prices soared to an all-time high on Friday, surging by ₹2,442 to ₹1,32,294 per 10 grams in domestic futures trade, as investors flocked to the safe-haven metal amid mounting global economic worries and expectations of monetary easing by the US Federal Reserve.
On the Multi Commodity Exchange (MCX), gold futures for December delivery rose by ₹2,442 or 1.88%, touching a lifetime high of ₹1,32,294 per 10 grams. Similarly, the February 2026 contract jumped by ₹2,927 or 2.23%, to a new peak of ₹1,34,024 per 10 grams—marking its sixth consecutive session of gains.
“Gold prices continue to scale record highs as fears of a potential US credit crisis overshadow optimism around US-Russia relations. A weaker dollar and growing expectations of Fed rate cuts are also fueling the rally,” said Darshan Desai, CEO of Aspect Bullion & Refinery.
Silver followed suit, hitting fresh records on the MCX. The white metal’s December contract surged by ₹2,752 or 1.64%, to ₹1,70,415 per kilogram, while the March 2026 contract advanced by ₹3,274 or 1.93%, to a record ₹1,72,350 per kilogram — its fifth straight day of gains.
In the international market, Comex gold futures for December delivery jumped USD 71.09 (1.65%) to USD 4,375.69 per ounce, after breaching the USD 4,300 mark for the first time on Thursday. It later touched an intraday record high of USD 4,391.69 per ounce.
“Gold crossing USD 4,300 per ounce for the first time underscores the dominance of safe-haven demand and technical strength. The bullish momentum has sidelined bears, reflecting strong upside bias across both gold and silver,” said Rahul Kalantri, Vice-President (Commodities), Mehta Equities Ltd.
According to Jigar Trivedi, Senior Research Analyst at Reliance Securities, gold is poised for its strongest weekly advance in the ongoing nine-week rally as investors seek refuge amid global economic turbulence.
Meanwhile, Comex silver futures for December delivery traded slightly higher at USD 53.38 per ounce, after touching a record USD 53.76 in the previous session.
Trivedi added that renewed US-China trade tensions and concerns over the US government shutdown have reinforced the metal’s upward momentum.
“The rally also gained support from Fed Chair Jerome Powell’s recent comments signaling weakness in the labor market, prompting investors to almost fully price in a 25-basis-point rate cut later this month, with another expected in December.
Gold has now surged over 65% in 2025, driven by central bank buying, ETF inflows, and strong demand for safe-haven assets,” he said.
