New Delhi, Dec 24: Gold prices surged to a record high of ₹1,38,676 per 10 grams in futures trade on Wednesday, while the metal crossed USD 4,500 per ounce in international markets. The rally comes amid expectations of further monetary easing by the US Federal Reserve and escalating geopolitical tensions.
Gold futures for February delivery rose by ₹791 (0.57%), marking a third consecutive session of gains on the Multi Commodity Exchange (MCX). Silver futures for the March 2026 contract also surged in overseas trade, gaining USD 1.61 (2.23%) to reach a lifetime high of USD 72.75 per ounce.
Analysts attributed the rally to investor anticipation of two potential US rate cuts in 2026, as inflation eases and employment growth moderates. Additionally, rising tensions between the US and Venezuela have boosted safe-haven demand, further driving precious metal prices.
Gold has gained approximately 70% this year, on track for its strongest annual gain since 1979, supported by central bank purchases and steady inflows into gold backed funds, experts noted.
The rally underscores gold’s continued role as a hedge against economic uncertainty and geopolitical risks, drawing strong global investor interest.