Following the recent import duty hike, the sharp jump in domestic prices triggered investor selling and delayed fresh purchases, further weakening already soft physical demand, he added. (Representational image)
| Photo Credit: Getty Images/iStockphoto

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

Gold prices breached the ₹1.11 lakh per 10 grams by jumping ₹799 in the domestic futures market on Monday (September 22, 2025) tracking strong global cues as investors looked ahead to key U.S. inflation data and comments from several Federal Reserve officials this week for further policy guidance.

On the Multi Commodity Exchange (MCX), gold futures for December delivery climbed ₹799 or 0.72% to hit a record high ₹1,11,750 per 10 grams.

However, the most traded precious metal futures for October delivery appreciated ₹761 or 0.69% to ₹1,10,608 per 10 grams. Last week, it had surged to hit a fresh peak of ₹1,10,666 per 10 grams.

Silver, too, witnessed gains to hit record peaks. The white metal futures for March next year delivery rallied ₹2,446 or 1.86% to hit an all-time high of ₹1,33,582 per kilogram.

Similarly, the most traded silver futures for December delivery surged by ₹2,473, or 1.9%, to hit a fresh peak of ₹1,32,311 per kg on the MCX.

Traders said weakness in the rupee and subdued sentiment in the domestic equity markets further supported the bullion prices.

On the global front, gold futures increased by $26.82, or 0.72% to $3,732.62 per ounce. Last week, it rose to hit a lifetime high of $3,744 per ounce.

“Gold prices edged up to hover near record levels, as investors looked ahead to key US inflation data and comments from several Federal Reserve officials this week for further policy guidance,” said Jigar Trivedi, Senior Research Analyst at Reliance Securities.

Last week, the U.S. Federal Reserve delivered its first rate cut of the year and signalled further reductions ahead as the labour market weakens.

“Markets currently imply two more reductions this year, one in October and another in December, with expectations of continued monetary policy easing providing a major boost to bullion’s 40 per cent surge so far this year,” Mr. Trivedi said.

Gold has also been supported by safe-haven demand amid ongoing geopolitical tensions and concerns over the economic impact of President Donald Trump’s tariffs, alongside robust central bank buying and sustained ETF inflows, he added.

Meanwhile, silver futures for December delivery were trading 2.17% higher at $43.88 per ounce.

“Silver has been carving out a more aggressive trajectory than gold, driven by investment flows, solar panel demand and industrial use in electric vehicles, 5G infrastructure and battery storage,” said Riya Singh, Research Analyst, Commodities and Currency, Emkay Global Financial Services.

Supply growth has been muted, leaving the market vulnerable to disruptions, she added.

Pranav Mer, Vice President, EBG – Commodity & Currency Research, JM Financial Services, projected that silver prices in the domestic market have an upside potential to test ₹1,40,000-1,50,000 per kilogram on the commodities bourse.

Published – September 22, 2025 11:35 am IST

Gold prices on Monday (September 8, 2025) retreated from record levels to trade at ₹1,07,670 per 10 grams, down by ₹200, in the national capital due to fresh selling by stockists, according to the All India Sarafa Association.

The precious metal of 99.5% purity also fell by ₹200 to ₹1,06,800 per 10 grams (inclusive of all taxes).

On Saturday (September 6, 2025), gold of 99.9% and 99.5% purity surged ₹900 each to hit record highs of ₹1,07,870 per 10 grams and ₹1,07,000 per 10 grams, respectively, in the national capital.

Silver also came under selling pressure, tumbling by ₹1,000 to ₹1,26,000 per kg (inclusive of all taxes). The white metal scaled a lifetime high of ₹1,27,000 per kg on Saturday (September 6, 2025).

Meanwhile, in the futures market, gold and silver rebounded sharply from early losses and hit fresh peaks.

On MCX, the precious metal futures for October delivery climbed ₹447 or 0.41%, to a record high of ₹1,08,175 per 10 grams. Similarly, December futures also advanced to breach the ₹1.09 lakh per 10-gram level by jumping ₹370, or 0.34%.

“Gold remains in the bull’s control; the price opened slightly lower in the early trade on Monday. However, it recovered from earlier losses and traded higher, supported by safe-haven demand, rate cut expectations, and a steady U.S. dollar,” said Saumil Gandhi, Senior Analyst — Commodities at HDFC Securities.

Silver futures posted an even stronger comeback. The white metal for December delivery soared ₹1,703 or 1.36% to hit an all-time high of ₹1,26,400 per kilogram on the Multi-Commodity Exchange (MCX) on Monday (September 8, 2025).

On the global front, spot gold rose sharply by $35.11, or 1%, to hit a fresh peak of $3,621.92 per ounce. Also, Comex gold futures for December delivery rose to hit a record high of $3,662 per ounce.

“Gold extended its record-breaking rally, with spot prices breaching $3,600 per ounce and futures surpassing $3,650 per ounce, underpinned by dovish Federal Reserve expectations and a string of weak U.S. labour market data,” said Riya Singh, Research Analyst, Commodities and Currency, Emkay Global Financial Services.

Ms. Singh further stated that the precious metal, which opened the week below $3,450 per ounce but swiftly vaulted past the previous $3,500 per ounce high, gained more than 4% in the first week of September and took year-to-date gains above 36%.

“Safe-haven flows were further amplified by escalating geopolitical risks between Russia and Ukraine, heightening concerns of a prolonged conflict,” she added.

Spot silver was trading 0.56% higher at $41.23 per ounce. Comex silver futures rose 0.67% to $41.83 per ounce in the global markets.

Renisha Chainani, Head — Research at Augmont, said, “Silver is also receiving support as the macro impulse met a tight physical market where industrial demand from solar, electric vehicles, and electronics is rising while supply remains constrained.”

Ms. Chainani further said that investors will closely monitor U.S. inflation reports (Producer Price Index and Consumer Price Index), which may determine whether the momentum of bullion prices extends toward higher levels or consolidates ahead of the Fed’s policy meeting.

Published – September 08, 2025 06:11 pm IST

New Delhi:

Gold prices extended the rally for the eighth consecutive session and climbed Rs 200 to breach the psychological level of Rs 83,000 per 10 grams for the first time in the national capital on Friday amid aggressive buying triggered by global market uncertainties.

According to the All India Sarafa Association, the precious metal of 99.9 per cent purity rose Rs 200 to hit a fresh lifetime high of Rs 83,100 per 10 grams.

It had closed at Rs 82,900 per 10 grams on Thursday.

“Gold extended gains on Friday, with spot gold in the domestic market hitting fresh all-time highs,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.

The current bullish momentum in gold is driven by uncertainty surrounding the potential US tariffs plan and other policies from President Donald Trump, which has led to a recent surge in safe-haven buying, Gandhi added.

The yellow metal of 99.5 per cent purity also appreciated by Rs 200 to hit a record high of Rs 82,700 per 10 grams from the previous close of Rs 82,500 per 10 grams.

Additionally, silver climbed Rs 500 to Rs 94,000 per kg on Friday. The white metal finished at Rs 93,500 per kg in the last trading session.

On the MCX, gold contracts for February delivery climbed Rs 334 or 0.42 per cent to Rs 79,960 per 10 grams, in the futures trade. The yellow metal had jumped Rs 424 or 0.53 per cent to trade near a record high of Rs 80,050 per 10 grams in the intraday.

“Prices in MCX are near record high as Trump trade policies and tariff plans created an uncertain environment in the market, which may boost safe-haven demand,” Deveya Gaglani, Research Analyst-Commodities, Axis Securities, said.

The precious metal on the futures index had hit a record high of Rs 80,282 per 10 grams on October 30, 2024.

Silver futures for March delivery surged Rs 835 or 0.92 per cent to Rs 91,984 per kg on the Multi Commodity Exchange (MCX).

In the international markets, Comex gold futures appreciated by USD 15.50 per ounce or 0.56 per cent to USD 2,780.50 per ounce.

Investors are expected to keep an eye on flash PMIs for early indications of economic activity in major global economies, as well as US housing data for further insights into the state of the economy, Kaynat Chainwala, AVP-Commodity Research, Kotak Securities, said.

Comex silver futures also increased 1.53 per cent to USD 31.32 per ounce in the Asian market hours.

According to Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities, investors will also look ahead for the upcoming Union Budget and the US Federal Reserve’s interest rate decision, which are the key events on the radar for the future course of action for the bullion prices.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

Indians traditionally prefer jewellery made in 22-carat gold, which contains 91.7% pure gold, while 18-carat gold contains 75% pure gold and 25% other metals. File.
| Photo Credit: Reuters

Soaring gold prices have led many Indian families to opt for lightweight and lower-carat jewellery to stay within their budgets, industry officials said.

“I wanted to gift my daughter 80 grams of gold, but I was forced to scale it down to 50 grams because of price increase in the past two years,” said Mumbai-based Shubhangi More, choosing a necklace with a traditional design for her daughter’s wedding.

Gold prices in the world’s second biggest buyer of the precious metal have surged 22% so far this year, after rising 15% in 2023.

Most Indian buyers prefer traditional jewellery, but now they want it crafted in lightweight designs to fit their budgets, said Bachhraj Bamalwa, partner at jewellery retailer Nemichand Bamalwa & Sons.

“Recognising this preference, we are stocking more lightweight jewellery sets while scaling down our inventory of heavier designs,” Bamalwa said.

Advances in manufacturing technology have enabled jewellery makers to craft traditional designs in lighter weights, said Sachin Jain, CEO of the World Gold Council’s Indian operations.

Buyers are also switching to lower carat jewellery to reduce costs, jewellers said.

Guddi Devi, a teacher from Jamalpur in the northern state of Bihar, bought 18-carat jewellery for her daughter’s wedding instead of 22-carat.

“I preferred the 18 carats of jewellery because it was cheaper compared to the 22 carats and is much stronger than it,” she said.

Indians traditionally prefer jewellery made in 22-carat gold, which contains 91.7% pure gold, while 18-carat gold contains 75% pure gold and 25% other metals. The price of 18-carat gold is nearly a fifth lower than that of 22-carat gold.

“Lower prices and greater durability are making 18-carat jewellery increasingly popular. Its share in total sales has risen to over 15%, compared to just 5% to 7% two years ago,” said Surendra Mehta, secretary at the India Bullion and Jewellers Association.

The All India Gem and Jewellery Domestic Council has appealed to the GST Council to reduce the rate on jewellery from the current 3% to 1%. 
| Photo Credit: AP

“The gold jewellery industry is advocating a ‘One Nation, One Rate’ policy, starting with a unified rate for Eastern India from August,” an official said on July 26.

Samar. Kr. De, President of the Swarna Silpa Bachao Committee, said, “All stakeholders have shown interest in the idea of a unified gold rate across the country.”

“We will begin with a single rate for West Bengal and eastern India from August and have onboarded bullion sellers for this initiative,” Mr. De added.

Saiyam Mehra, Chairman of the All India Gem and Jewellery Domestic Council (GJC), said, “The idea is to create a level playing field for all stakeholders and prevent undercutting.” Mr. De said that they aim to extend the ‘One Gold Rate’ policy nationwide within the next six months and are in discussions with large national jewellery retail chains. He also noted that the recent 9% duty cut was unexpected by the industry.

Union Finance Minister Nirmala Sitharaman in the recent Union Budgetslashed import duties on gold and silver from 15% to 6%. Industry players said that the sharp duty cut will help eliminate illegal imports.

“Gold smuggling is estimated to be 100 tonnes out of the total import of some 950 tonnes,” said Sunny Dholakia, a diamond importer.

However, there is a concern about whether the government has any other plan regarding the Goods and Services Tax (GST) concerning gold, according to industry sources.

The GJC has appealed to the GST Council to reduce the rate on jewellery from the current 3% to 1%.

Gold price plunged ₹350 to ₹60,150 per 10 grams in the national capital on Monday amid weak cues in international markets, according to HDFC Securities.

The precious metal had closed at ₹60,500 per 10 grams in the previous trade.

Silver also declined ₹300 to ₹74,000 per kg.

In the global markets, both gold and silver were quoting lower at $1,912 per ounce and $22.50 per ounce, respectively.

“Gold failed to capitalise on the previous week’s strong gains as traders locked in their profits after a recent rally in prices,” Saumil Gandhi, senior analyst of commodities at HDFC Securities, said.

Gold rings are seen on display for customers at a jewellery shop in Seoul. File
| Photo Credit: REUTERS

Gold price gained ₹50 to ₹57,400 per 10 grams in the national capital on Friday amid a rise in precious metal prices internationally, according to HDFC Securities.

In the previous trade, the yellow metal had ended at ₹57,350 per 10 grams.

However, silver plunged ₹400 to ₹70,900 per kilogram.

Gold prices recovered from a recent low amid pullbacks in the U.S. dollar and 10-year Treasury yields, Saumil Gandhi, senior analyst of commodities at HDFC Securities, said.

In the overseas markets, gold was up at $1,822 per ounce, while silver was quoting lower at $20.95 per ounce.

Meanwhile, traders are looking ahead to U.S. labour data which is due later today, Mr. Gandhi said.

A jewellery shop in the old quarters of Delhi. File
| Photo Credit: REUTERS

Gold price declined ₹150 to ₹57,350 per 10 grams in the national capital on Thursday amid a fall in the yellow metal prices globally, according to HDFC Securities.

In the previous trade, the precious metal had closed at ₹57,500 per 10 grams.

However, silver climbed ₹300 to ₹71,300 per kg.

“Gold traded negative on Thursday, with spot gold prices (24 carats) in the Delhi markets trading at ₹57,350/10 grams, down by ₹150 against its previous close,” Saumil Gandhi, senior analyst of commodities at HDFC Securities, said.

In the international markets, gold was down at $1,820 per ounce, while silver was trading higher at $21.15 per ounce.

Comex gold prices consolidated their lowest level since March amid mixed cues, Mr. Gandhi said.

Meanwhile, in futures trade, the December contract of gold fell ₹7 to ₹56,714 per 10 grams. Also, December contract of silver jumped ₹387 to ₹67,272 per kg on the MCX.