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

Gold prices on Monday (October 6, 2025) surged by ₹1,447 to a new record of ₹1,19,560 per 10 gm in the domestic futures trade, lifted by safe-haven buying amid the prolonged U.S. government shutdown and growing bets on further Federal Reserve rate cuts.

On the Multi Commodity Exchange (MCX), gold futures for December delivery appreciated by ₹1,447 or 1.22% to a lifetime high of ₹1,19,560 per 10 gm.

Extending gains for the seventh consecutive session, the February 2026 contract advanced ₹1,512, or 1.27% to scale a record ₹1,20,845 per 10 gm. Last week, the yellow metal futures had surged ₹3,222 per 10 gm or 2.8%.

Gold prices jump ₹535 to record ₹1,17,800/10g on U.S. govt shutdown, Fed cut hopes

“Physical demand for gold remained mixed, with softness in China offset by steady buying in other Asian markets, anticipating further price gains. SPDR holdings reflected investor interest, rising notably over last week,” said Manav Modi, Analyst, Precious Metal Research at Motilal Oswal Financial Services. SPDR Gold Shares is the world’s largest commodity-backed exchange-traded fund.

Silver futures also witnessed robust traction on Monday (October 6, 2025). The white metal for December delivery jumped ₹1,956 or 1.34% to a fresh peak of ₹1,47,700 per kilogram. The March 2026 contract for silver futures rallied ₹2,053 or 1.39% to ₹1,49,321 per kg. Silver futures also witnessed a strong rally last week. It had bounced by ₹3,855 per kg or 2.72%.

Analysts said the Budget impasse in Washington, which has stalled key federal programmes and delayed the release of critical economic data, has intensified risk aversion and driven investors towards precious metals.

“Gold prices hit record highs, driven by strong demand amid the ongoing U.S. Government shutdown, which has delayed the release of key economic data. Despite a nearly 50% rally in 2025 so far, investors continue to favour gold as uncertainty lingers,” said Aksha Kamboj, vice-president, India Bullion and Jewellers Association and executive chairperson, Aspect Global Ventures.

On the global front, Comex gold futures for December delivery surged 1.2% to a record $3,957.90 per ounce, while silver futures advanced more than 1% to $48.47 per ounce, their highest since April 2011.

“Silver climbed above $48.3 per ounce as the ongoing U.S. Government shutdown and expectations of further Federal Reserve rate cuts boosted demand for safe-haven assets. Lawmakers once again failed to secure a funding deal, delaying key major data releases, including September’s jobs report,” said Jigar Trivedi, Senior Research Analyst at Reliance Securities.

Mr. Trivedi added that market participants are now almost fully pricing in a quarter-point Fed rate cut this month and another in December. Investors will closely track remarks from Fed Governor Stephen Miran on Wednesday (Octobe 8, 2025), the release of Federal Open Market Committee (FOMC) minutes, and Chair Jerome Powell’s speech on Thursday (October 9, 2025) for further policy signals.

“Beyond macro factors, silver drew support from tightening supply conditions, with the Silver Institute projecting a global market deficit for a fifth consecutive year in 2025,” he said.

Published – October 06, 2025 11:48 am IST

 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