New Delhi, Oct 17: Gold prices surged to record levels on Friday, driven by safe-haven demand amid growing global economic uncertainties and expectations of monetary easing by the US Federal Reserve. In domestic futures trade, gold for December delivery on the Multi Commodity Exchange (MCX) jumped Rs 2,442, or 1.88%, to hit an all-time high of Rs 1,32,294 per 10 grams.
The February 2026 gold contract climbed Rs 2,927, or 2.23%, reaching Rs 1,34,024 per 10 grams, marking its sixth consecutive session of gains. Experts attributed the rally to concerns over a potential US credit crisis, a weaker dollar, and investor anticipation of Fed rate cuts.
“Gold prices continue to surge, reaching new record highs as global uncertainties outweigh optimism over US-Russia relations. A weaker US dollar and expected interest rate cuts are supporting the rally,” said Darshan Desai, CEO of Aspect Bullion & Refinery.
Silver also witnessed sharp gains, with the December contract on MCX rising Rs 2,752, or 1.64%, to a record Rs 1,70,415 per kilogram. The March 2026 silver futures extended their rally for the fifth session, climbing Rs 3,274, or 1.93%, to hit Rs 1,72,350 per kg.
Internationally, Comex gold futures for December delivery surged USD 71.09, or 1.65%, to USD 4,375.69 per ounce, later touching an intraday high of USD 4,391.69 per ounce. “Gold breached USD 4,300 per ounce for the first time ever, driven by safe-haven buying and strong technical momentum,” said Rahul Kalantri, Vice-President of Commodities at Mehta Equities Ltd.
Jigar Trivedi, Senior Research Analyst at Reliance Securities, noted that bullion markets have been propelled higher by US-China trade tensions, the government shutdown in the US, and signals from Federal Reserve Chair Jerome Powell pointing to a weakening labor market. Investors are now largely pricing in a 25 basis point rate cut later this month, with another likely in December.
“Gold has surged more than 65% this year, supported by central bank purchases, ETF inflows, and strong demand for safe-haven assets,” Trivedi added.
Gold and silver continue to attract investors seeking stability amid market volatility, pushing both metals to historic highs in domestic and international markets.