On the Multi Commodity Exchange, gold futures for October delivery jumped ₹520 or 0.46% to touch a lifetime high of ₹1,12,750 per 10 grams. File.
| Photo Credit: Reuters
Gold continued its record-breaking rally on Tuesday (September 23, 2025), rising ₹520 to touch an all-time high of ₹1,12,750 per 10 grams in the domestic futures market, driven by a strong global trend as expectations of further rate cuts by the U.S. Federal Reserve and safe-haven buying kept the rally intact ahead of Fed Chair Jerome Powell’s remarks.
On the Multi Commodity Exchange (MCX), gold futures for October delivery jumped ₹520 or 0.46% to touch a lifetime high of ₹1,12,750 per 10 grams.
Similarly, the December contract advanced ₹530 or 0.46% to ₹1,13,750 per 10 grams, also marking a fresh record.
Silver prices also extended their upward momentum to scale new highs. The white metal futures for December delivery appreciated ₹461 or 0.34% to hit a record high of ₹1,34,016 per kilogram. Silver for March next year delivery rallied ₹508 or 0.37% to touch a lifetime high of ₹1,35,397 per kg on the MCX.
Analysts attributed the relentless rally in bullion to a combination of factors, including the U.S. Federal Reserve’s (Fed) first rate cut of the year, the likelihood of further easing, safe-haven demand on the back of geopolitical tensions, and sustained central bank purchases.
“The rally in gold and silver showed no signs of slowing, with both metals soaring to fresh records. Gold surged to lifetime highs while silver reached its strongest level in nearly 15 years,” said Rahul Kalantri, Vice-President of Commodities, Mehta Equities Ltd.
Kalantri said the Fed’s 25 basis points interest rate cut and prospects of more easing by year-end boosted sentiment. A subdued dollar index and a weaker rupee provided further impetus to domestic bullion prices.
“Persistent central bank purchases, strong ETF inflows, and safe-haven buying further fuelled the precious metals’ strength, he added.
In the overseas markets, gold futures for December delivery rose to a record peak of $3,794.82 per ounce.
“Gold hit a fresh record high, supported by hopes of more interest rate cuts from the Federal Reserve this year. The Fed delivered its first rate cut of the year last week and signalled further reductions ahead as the labour market weakens. This has prompted market participants to price in almost two more 25 basis point reductions at the remaining meetings this year,” said Jigar Trivedi, Senior Research Analyst at Reliance Securities.
Meanwhile, silver futures for December delivery slipped marginally to $44.19 per ounce.
Mr. Trivedi added that traders are now awaiting Fed Chair Jerome Powell’s remarks on the economic outlook later in the day, along with Friday’s release of the Personal Consumption Expenditures price index, the Fed’s preferred inflation gauge, for further direction on the monetary policy trajectory.
Investors also highlighted that geopolitical risks stemming from the prolonged Russia-Ukraine war and ongoing conflicts in the Middle East have heightened safe-haven flows, preventing sharp corrections in bullion despite elevated levels.
Published – September 23, 2025 11:34 am IST
