New Delhi: Gold and silver prices surged to fresh record highs on Tuesday in the domestic futures market, tracking historic gains in global markets. Renewed US-China trade tensions and growing expectations of interest rate cuts by the US Federal Reserve boosted safe-haven demand for precious metals.
On the Multi Commodity Exchange (MCX), gold futures for December delivery jumped Rs 2,301 (1.84%) to a new lifetime high of Rs 1,26,930 per 10 grams, while the February 2026 contract climbed Rs 2,450 (1.94%) to touch a record Rs 1,28,220 per 10 grams.
“Gold prices hit a record high as escalating US-China trade tensions deepened uncertainty, driving investors toward safe assets. Expectations of Fed rate cuts have further supported the rally, with silver also scaling new peaks,” said Manav Modi, Analyst – Precious Metals, Motilal Oswal Financial Services.
In line with gold, silver prices skyrocketed on the MCX. The December futures leapt Rs 8,055 (5.2%) to a record Rs 1,62,700 per kilogram, while the March 2026 contract surged Rs 9,257 (6%) to a new all-time high of Rs 1,63,549 per kilogram.
Globally, both gold and silver futures hit fresh records. On Comex, December gold rose over 1% to an all-time high of USD 4,190.67 per ounce. “Gold has surged nearly 60% year-to-date, breaching the USD 4,100 mark for the first time, supported by geopolitical and economic uncertainties, central bank buying, ETF inflows, and expectations of monetary easing,” Modi noted.
Silver futures for December delivery climbed 4% to a lifetime high of USD 52.49 per ounce. “Silver continues its uptrend, surpassing USD 52 per ounce amid global supply shortages that have distorted premiums and supported prices,” he added.
The latest rally in precious metals comes amid heightened geopolitical risks. China’s move to expand rare-earth export controls prompted US President Donald Trump to threaten 100% tariffs on Chinese imports and impose new export restrictions on key US-made software from November 1.
Meanwhile, US Treasury Secretary Scott Bessent confirmed that Trump is scheduled to meet Chinese President Xi Jinping in South Korea later this month.
Adding to market uncertainty, the ongoing US federal government shutdown, now in its 13th day, has begun to weigh on economic activity, Modi said.
According to Jigar Trivedi, Senior Research Analyst at Reliance Securities, investors are now awaiting comments from Federal Reserve Chair Jerome Powell at the National Association for Business Economics (NABE) meeting later in the day for clarity on the central bank’s rate-cut outlook.
Modi added that key US data releases—including CPI inflation and retail sales—are due later this week, but if the shutdown continues, these along with the jobs report could be delayed.
