New Delhi: Gold prices soared by ₹1,185 on Thursday to touch a record high of ₹1,28,395 per 10 grams in domestic futures trade, while the precious metal breached the USD 4,250-per-ounce mark in global markets. The surge was fueled by growing expectations of US Federal Reserve rate cuts and persistent geopolitical tensions.
On the Multi Commodity Exchange (MCX), December gold futures rose ₹1,185, or 0.93%, to an all-time high of ₹1,28,395 per 10 grams. The February 2026 contract extended gains for a fifth straight session, climbing ₹977, or 0.76%, to a record ₹1,29,380 per 10 grams.
“Gold prices continue to remain at historic highs, supported by expectations of deeper rate cuts from the US Fed and escalating tensions between Washington and Beijing,” said Darshan Desai, CEO of Aspect Bullion & Refinery. He noted that markets are now anticipating a significant rate reduction—possibly later this month or in December—which could give gold further momentum.
Desai added that gold’s appeal as a safe-haven asset remains intact amid mounting debt concerns, a weakening US dollar, and sustained central bank buying.
Tracking the yellow metal, silver also hit record highs on the MCX. The December contract jumped ₹2,454, or 1.51%, to ₹1,64,660 per kilogram, while the March 2026 contract gained ₹2,699, or 1.6%, to ₹1,64,958 per kilogram.
The US dollar index fell 0.17% to 98.63, further boosting bullion’s attractiveness.
In global trade, Comex gold futures advanced to a new lifetime high of USD 4,254.80 per ounce.
“Gold’s rally past USD 4,250 reflects growing safe-haven demand and firm bets on a dovish Fed stance,” said Jigar Trivedi, Senior Research Analyst at Reliance Securities.
Trivedi noted that Fed Chair Jerome Powell’s recent comments signaled labour market weakness, prompting investors to nearly price in a 25-basis-point rate cut this month, with another likely in December.
Silver futures in international markets also surged to an all-time high of USD 52.86 per ounce.
Adding to global uncertainty, US officials on Wednesday criticised China’s tighter export restrictions on rare earths, warning of supply chain disruptions and possible retaliatory measures. Meanwhile, US Treasury Secretary Scott Bessent indicated that Washington may consider new trade curbs or tariffs on China’s imports of Russian oil if coordinated with European allies.
Analysts said both gold and silver have been on a record-setting streak this week, driven by strong investor inflows. Any confirmation of a Fed rate cut, they added, could propel bullion prices to fresh highs in the coming weeks.
