New Delhi: Gold prices surged on Thursday, reaching an all-time high of Rs 1,28,395 per 10 grams in domestic futures trading, while international prices crossed USD 4,250 per ounce. The rally is being driven by expectations of US Federal Reserve rate cuts and ongoing geopolitical tensions.
On the Multi Commodity Exchange (MCX), December gold futures climbed Rs 1,185, or 0.93%, marking the fifth consecutive session of gains. The February 2026 contract also jumped Rs 977, or 0.76%, to a record Rs 1,29,380 per 10 grams.
“Gold remains elevated on expectations of further rate cuts from the US Fed and tensions between Washington and Beijing,” said Darshan Desai, CEO of Aspect Bullion & Refinery. He added that the futures market anticipates a larger rate cut soon, which could further support gold prices. “Bullion continues to act as a safe-haven amid rising debt levels, a weakening dollar, and central bank buying,” Desai noted.
Silver prices also surged, with December futures rising Rs 2,454, or 1.51%, to Rs 1,64,660 per kg, while the March 2026 contract gained Rs 2,699, or 1.6%, to Rs 1,64,958 per kg.
The dollar index weakened by 0.17% to 98.63, adding to bullion’s appeal. Internationally, Comex gold futures climbed to a record USD 4,254.80 per ounce. “Safe-haven demand and expectations of a dovish US monetary policy continue to push gold to record levels,” said Jigar Trivedi, Senior Research Analyst at Reliance Securities. He added that remarks from Fed Chair Jerome Powell suggesting a weakening labor market have increased the likelihood of a 25-basis-point rate cut this month, with another possible in December.
Trivedi noted that silver futures also hit a lifetime high of USD 52.86 per ounce in global markets.
Tensions over US-China trade and rare earth exports, along with potential export restrictions on Russian oil, have added further uncertainty, driving investors toward precious metals. Analysts said sustained inflows into gold and silver are expected to continue pushing prices to fresh records in the near term.
