Gold Soars to Record Rs 1.26 Lakh/10g, Silver Surges Past Rs 1.62 Lakh/Kg on Global Trade Concerns
Domestic precious metals soar as investors seek safe haven assets, Gold crosses Rs 1.26 lakh/10g, Silver surpasses Rs 1.62 lakh/kg.
New Delhi, Oct 14: Gold and silver prices surged to all time highs in India on Tuesday, reflecting global market trends driven by renewed US-China trade tensions and expectations of interest rate cuts by the US Federal Reserve.
On the Multi Commodity Exchange (MCX), December gold futures rose Rs 2,301 (1.84%) to a record Rs 1,26,930 per 10 grams, while the February 2026 contract climbed Rs 2,450 (1.94%) to hit Rs 1,28,220 per 10 grams.
“Gold prices climbed to a record high as renewed US-China trade tensions fueled uncertainty, boosting safe-haven demand. Fed rate-cut expectations further supported the rally, with silver also reaching an all time peak,” said Manav Modi, Analyst at Motilal Oswal Financial Services.
Silver mirrored gold’s rally, with December futures soaring Rs 8,055 (5.2%) to Rs 1,62,700 per kilogram, and March 2026 contracts gaining Rs 9,257 (6%) to touch Rs 1,63,549 per kg.
Globally, Comex gold for December delivery surged above USD 4,190 per ounce, while silver futures reached USD 52.49 per ounce, both marking record highs.
“Gold has surged 60% year-to-date, driven by geopolitical and economic uncertainties, strong central bank buying, and ETF inflows,” added Modi. “Silver continues to rise amid acute supply shortages, pushing prices to new highs.”
The precious metals rally was further supported by China’s expansion of rare earth export controls, US threats of 100% tariffs, ongoing export restrictions, and the 13-day US federal government shutdown.
Investors are closely watching remarks from Federal Reserve Chair Jerome Powell at the NABE annual meeting, hoping for guidance on the Fed’s rate-cut trajectory. Economic data releases later this week, including CPI inflation and retail sales, may also influence the markets.
