Gold prices surged by ₹2,442 to touch an all-time high of ₹1,32,294 per 10 grams in the domestic futures trade on Friday (October 16, 2025), driven by safe-haven demand as investors weighed deepening global economic uncertainties and expectations of monetary easing by the U.S. Federal Reserve.
On the Multi Commodity Exchange (MCX), the yellow metal futures for December delivery increased by ₹2,442, or 1.88%, to hit a lifetime high of ₹1,32,294 per 10 grams.
Similarly, the February 2026 contract for gold futures rallied by ₹2,927, or 2.23%, to hit a fresh peak of ₹1,34,024 per 10 grams, marking its sixth straight session of gains.
“Gold prices continue to surge, reaching new record highs as concerns about a potential credit crisis in the U.S. outweigh optimism over a likely improvement in U.S.-Russia relations. A weaker U.S. dollar and expectations of interest rate cuts by the Federal Reserve are also supporting the rally,” Darshan Desai, Chief Executive Officer of Aspect Bullion & Refinery, said.
Silver too joined the rally, scaling fresh peaks on the MCX. The white metal for December delivery jumped by ₹2,752, or 1.64%, to hit a record of ₹1,70,415 per kilogram.
The March 2026 contract for silver extended gains for the fifth straight session by bouncing ₹3,274, or 1.93%, to reach an all-time high of ₹1,72,350 per kg on the commodities bourse.
In the international markets, Comex futures surged sharply as well. The yellow metal for December delivery gained $71.09, or 1.65%, to $4,375.69 per ounce on Friday (October 17, 2025), after breaching the $4,300 per ounce level a day earlier. It later touched an intraday record high of $4,391.69 per ounce.
“Gold breached the $4,300 per ounce mark for the first time ever. The continuous flow of safe-haven buying and strong technical momentum are driving both metals higher. The sustained bullish sentiment has sidelined market bears, highlighting the strong upward bias in both metals,” said Rahul Kalantri, Vice-President of Commodities at Mehta Equities Ltd.
Jigar Trivedi, Senior Research Analyst at Reliance Securities, said, “The yellow metal is on track for a sharp weekly advance, the strongest in the current nine-week rally, as investors sought safety amid heightened economic uncertainties.”
On the other hand, Comex silver futures for December delivery traded marginally higher at $53.38 per ounce, after hitting a record of $53.76 per ounce in the previous market session.
Mr. Trivedi added that bullion repeatedly hit new highs this week, driven by renewed U.S.-China trade tensions and concerns over the ongoing U.S. government shutdown.
“The precious metal was further supported by Federal Reserve Chair Jerome Powell’s recent remarks, which pointed to signs of a weakening labour market, leading investors to nearly fully price in a 25 basis point cut later this month, with another likely in December. Gold has now surged more than 65% so far this year, bolstered by central bank purchases, exchange-traded fund (ETF) inflows, and strong demand for safe assets,” he added.
Published – October 17, 2025 12:41 pm IST
