Gold prices climbed by ₹926 to ₹1.59 lakh per 10 grams in futures trade on Thursday (June 4, 2026), driven by fresh buying by traders amid geopolitical uncertainties and a firm trend in the overseas markets.

On the Multi Commodity Exchange, the yellow metal for August delivery appreciated by ₹926, or 0.58%, to ₹1,59,445 per 10 grams.

Analysts said renewed investor interest in precious metals was driven by lingering geopolitical concerns and softer crude oil prices, which improved sentiment towards gold prices.

“Gold prices showed a positive trend in the domestic markets on Thursday primarily driven by a combination of geopolitical tensions and a decline in crude oil prices,” Gaurav Garg, Research Analyst at Lemonn Markets Desk, said.

Investors are flocking to safe-haven assets such as gold amid uncertainties in the global market, he added.

In the international markets, Comex gold futures for August delivery gained by $32.55, or nearly 1%, to $4,499.45 per ounce in New York.

Gold rebounded above $4,470 per ounce in global markets, gaining nearly 1% on Thursday (June 4), after Israel and Lebanon agreed to a conditional ceasefire, improving risk sentiment, brokerage firm Kotak Neo said.

However, reports of Israeli strikes in southern Lebanon on Thursday (June 4), hours after an announcement between Tel Aviv and Beirut, limited the upside in bullion prices.

Market participants are now awaiting comments from Federal Reserve Governor Michelle Bowman and U.S. unemployment claims data for fresh cues on the future interest-rate trajectory and near-term direction of bullion prices, the brokerage firm added.

Gold futures soared by ₹7,774 to scale an all-time high of ₹1,58,339 per 10 grams on Wednesday (January 21, 2026), as global prices breached the ₹$4,800 per ounce-level amid sustained demand for the safe-haven assets.

Rallying for the third straight day, the yellow metal futures for February delivery climbed by ₹7,774, or 5.16%, to touch a record of ₹1,58,339 per 10 grams on the Multi Commodity Exchange (MCX).

On Tuesday (January 20, 2026), the yellow metal extended its record-breaking run, breaching the ₹1.5 lakh per 10-gram mark in futures trade. Over the last three sessions, gold prices climbed by ₹15,822, or 11.10%, from ₹1,42,517 per 10 grams on January 16.

Silver, too, extended its upward march for the third consecutive day and hit yet another record on the MCX. The white metal futures for the March contract soared by ₹11,849, or 3.66%, to ₹3,35,521 per kilogram.

“Gold and silver prices extended their rally to fresh record highs, driven by heightened global uncertainty amid escalating trade war tensions,” Rahul Kalantri, Vice-President of Commodities, Mehta Equities Ltd, said.

According to market experts, safe-haven demand has strengthened as investors are shifting away from riskier assets.

In the international market, gold futures on the Comex breached the $4,800-per-ounce level for the first time. The yellow metal for February delivery appreciated by $113.4, or 2.4%, to $4,880.9 per ounce.

Comex silver futures for the March contract were trading 0.17% higher at $94.79 per ounce, after hitting a record of $95.53 per ounce in the previous session.

Mr. Kalantri said the sharp rise in bullion prices was driven by sell-offs in global equity markets and renewed geopolitical concerns, including U.S. ambitions toward Greenland, prompting investors to shift toward safe-haven assets.

He added that the U.S. Supreme Court’s decision to defer its verdict on the legality of Trump-era tariffs further heightened uncertainty in financial markets, while the rupee’s weakness added to domestic price gains.

The depreciation of the Indian rupee against the U.S. dollar makes gold imports costlier, pushing up local prices.

“The ongoing rally is being underpinned by strong macroeconomic drivers, including expectations of monetary policy easing by the U.S. Federal Reserve, falling bond yields and global geopolitical concerns,” an expert said.

​Gold prices fell on Wednesday (January 7, 2026) as a stronger dollar ‌and investors reassessing the recent developments in the ​U.S. Venezuela situation weighed on the metal.

Spot gold dropped 0.8% to $4,461.51 per ounce, as of 1001 GMT, after briefly touching a more than one-week high earlier in the session. Bullion had hit a record high of $4,549.71 on December 26, 2025.

U.S. gold futures for February delivery were down0.5% at $4,471.30.

Also Read | Gold, silver prices may cool off 

“It’s been quite ​a frenetic and volatile start to kick off the ⁠New Year so some profit-taking and reassessment of the Venezuelan situation especially seems in order,” said Jamie Dutta, chief market analyst at Nemo.money. In a sign ​that Washington is coordinating ⁠with the Venezuelan Government since capturing President Nicolas Maduro, U.S. President Donald Trump on Tuesday (January 6) unveiled a plan to refine and sell up to 50 million barrels of Venezuelan ‌oil that had been stuck in Venezuela under U.S. blockade.

Further ‌pressuring gold, the U.S. dollar hovered near a more than two-week high, making greenback-priced metals more expensive ‍for other currency holders. Federal Reserve Governor Stephen Miran said on Tuesday (January 6) that aggressive U.S. interest rate cuts are needed this ‍year to keep the economy moving forward, while Richmond Fed President Thomas Barkin said further interest rate changes will need to be “finely tuned” to incoming data.

Markets are pricing in two rate cuts this year, as investors watch out for ADP employment data due later in the day, and U.S. non-farm payroll data on Friday (January 9) for further clues on monetary policy.

Non-yielding assets ⁠such as gold tend to perform well in low-interest-rate environments and during periods of geopolitical or economic ​uncertainty.

Among other precious metals, spot silver lost 2.3% to $79.40 per ⁠ounce, down from an all-time high of $83.62 hit on
Dec.ember 29.

Spot platinum dropped 6% to $2,297.56 per ounce, receding from a record high of $2,478.50 touched last Monday (January 5). It
gained more than 3% earlier in the session. Palladium traded 4.5% ⁠lower at $1,740.12 per ounce.

Gold and silver prices dominated their record-breaking run on Tuesday (December 23, 2025) as investors stacked up safe-haven assets amid rising geopolitical tensions and growing anticipation of interest rate cuts next year by the U.S. Federal Reserve.

Both metals continued their record streaks, setting fresh records in both domestic and international markets.

On the Multi Commodity Exchange (MCX), Gold futures for February delivery rose to ₹1,637, or 1.2%, to hit a new all-time high of ₹1,38,381 per 10 grams, marking the gains for the second straight session. Similarly, Silver futures, maintained their upward momentum for the third consecutive day. The white metal for March 2026 contract increased by ₹3,724, or 1.75%, to touch a record high of ₹2,16,596 per kilogram.

Meanwhile, in the international markets, Comex Gold futures for February delivery increased by $61.4, or 1.37%, to mark a fresh peak of $4,530.8 per ounce.

Also read: Watch: Is Silver a better investment bet than gold now? | Business Matters

“Gold prices climbed to a fresh record above $4,480 per ounce, marking the 50th record-breaking session this year, driven by expectations of looser US monetary policy and mounting geopolitical tensions,” Jigar Trivedi, senior research analyst at Reliance Securities, said.

Market participants are currently pricing in two quarter-point rate cuts by the Federal Reserve next year, amid signs of easing inflation and a cooling labour market. In addition, silver futures breached the $70-mark for the first time, on the Comex, gaining by $1.59, or 2.32%, to scale a fresh record of $70.15 per ounce.

Mr. Trivedi added that investor’s focus is squared upon the second estimate of third-quarter GDP data, due later in the day, which could provide further insights into the health of the U.S. economy and the likely path of Fed’s monetary policy outlook. Safe-haven demand for bullion has also been led by rising tensions between the U.S. and Venezuela. This, came after Washington intensified its naval blockade of the region, seizing a second oil tanker on Saturday and pursuing a third.

This year, gold has soared by 70%, putting it on course for its strongest annual gain since 1979. “The rally has also been sustained by sturdy central bank purchases and sustained ETF inflows,” he said.

Gold prices eased by ₹125 to ₹1,12,430 per 10 grams in the domestic futures market on Thursday, tracking a flat trend overseas as traders stayed cautious ahead of key U.S. inflation data.

On the Multi Commodity Exchange (MCX), the yellow metal futures for October delivery fell ₹125 or 0.11% to ₹1,12,430 per 10 grams in a business turnover of 6,314 lots.

The December contract also shed ₹147 or 0.13% to ₹1,13,500 per 10 grams in 11,823 lots.

However, Silver futures for the December contract rose ₹124 or 0.09% to ₹1,34,126 per kilogram in 17,121 lots. Its March 2026 contract climbed ₹147 or 0.11% to ₹1,35,563 per kg.

Globally, gold and silver futures were trading flat at $3,768.50 per ounce and $44.19 per ounce, respectively.

Analysts said gold was trading flat near the $3,750 level as expectations that the U.S. central bank would cut rates twice this year limited the dollar’s rally to a two-week high, lending some support to bullion.

Jigar Trivedi, Senior Research Analyst at Reliance Securities, said: “U.S. macroeconomic data also added complexity to the outlook. New-home sales in August unexpectedly surged to their fastest pace since early 2022, easing concerns over an economic slowdown and clouding expectations for additional Federal Reserve easing.”

He added that gold’s safe-haven appeal remained supported by geopolitical tensions stemming from the intensifying Russia-Ukraine war and conflicts in the Middle East.

Meanwhile, Fed Chair Jerome Powell maintained a cautious tone, underlining the difficulty of balancing persistent inflation with a slowing labour market. While some policy makers favour two more rate cuts this year, others are advocating a slower or more aggressive approach, keeping gold prices capped.

According to commodities market experts, investors are now closely tracking U.S. macroeconomic data releases, including the final second-quarter GDP, weekly jobless claims, and durable goods orders due later in the day.

“The spotlight, however, remains on Friday’s release of the Personal Consumption Expenditure (PCE) Price Index, the Fed’s preferred inflation gauge, and upcoming speeches by Federal Open Market Committee (FOMC) members for fresh cues on the monetary policy direction, an expert said.