Gold Hits Record Rs 1.28 Lakh/10g, Surges Rs 1,185; Crosses $4,250/oz Globally
Domestic and global bullion markets surge as investors flock to safe-haven metals amid geopolitical tensions and expectations of US interest rate cuts.
New Delhi, Oct 16: Gold prices surged by Rs 1,185 on Thursday to hit an all-time high of Rs 1,28,395 per 10 grams in domestic futures trade, while global bullion crossed USD 4,250 per ounce. The rally was driven by expectations of interest rate cuts by the US Federal Reserve and ongoing geopolitical tensions.
On the Multi Commodity Exchange (MCX), December gold futures climbed 0.93% to Rs 1,28,395 per 10 grams, extending gains for the fifth consecutive session. February 2026 contracts rose 0.76% to Rs 1,29,380 per 10 grams.
“Gold prices remain elevated due to anticipated Fed rate cuts and tensions between Washington and Beijing,” said Darshan Desai, CEO of Aspect Bullion & Refinery. “Safe-haven demand, rising debt levels, and central bank purchases are also supporting bullion prices.”
Silver also touched record highs on the MCX, with December futures gaining 1.51% to Rs 1,64,660 per kg and March 2026 contracts rising 1.6% to Rs 1,64,958 per kg.
The dollar index traded lower at 98.63, boosting demand for gold and silver. Comex gold futures climbed to USD 4,254.80 per ounce, while silver reached USD 52.86 per ounce.
“Global safe-haven demand and expectations of dovish US monetary policy continue to drive precious metal prices,” said Jigar Trivedi, Senior Research Analyst at Reliance Securities. Comments from US Fed Chair Jerome Powell signaling a weakening labour market fueled expectations of a 25 basis point rate cut this month and another in December.
Geopolitical developments, including US warnings to China over rare earth exports and potential trade measures, have further added uncertainty, supporting the bullion rally. Analysts say that any confirmation of Fed rate cuts could push gold and silver to new record levels in the coming weeks.
