Gold Hits Record ₹1.17 Lakh Per 10 Grams on Safe-Haven Demand Amid US Government Shutdown Concerns
Silver also climbs to lifetime highs; investors flock to precious metals on global economic uncertainties and Fed rate cut expectations.
New Delhi, Sep 30: Gold prices on Tuesday soared by ₹1,217, touching a record high of ₹1,17,561 per 10 grams in domestic futures markets. The surge was driven by heightened safe haven demand as investors weighed the risk of a looming US government shutdown and expectations of further interest rate cuts by the Federal Reserve.
On the Multi Commodity Exchange (MCX), December gold futures extended gains for the fourth consecutive session, rising ₹1,217 or 1.04% to ₹1,17,561 per 10 grams. The February 2026 contract jumped ₹1,314, or 1.12%, hitting a lifetime high of ₹1,18,788 per 10 grams.
Silver mirrored gold’s momentum, with December futures gaining ₹1,101 or 0.77% to reach a record ₹1,44,200 per kilogram. The March 2026 contract climbed ₹1,127 or 0.78% to hit ₹1,45,858 per kilogram.
“Gold and silver extended their bullish momentum as safe-haven demand surged amid concerns over a potential US government shutdown. Additional tariff measures and expectations of further Fed rate cuts are driving precious metal prices higher,” said Rahul Kalantri, Vice-President of Commodities at Mehta Equities Ltd.
In global markets, December gold futures rose over 1% to USD 3,895.22 per ounce, while silver touched USD 47.41 per ounce. “Gold prices rose to a fresh record high, heading for their biggest monthly gain in 14 years, as investors rushed to safe-haven assets amid mounting US shutdown concerns,” said Jigar Trivedi, Senior Research Analyst at Reliance Securities. Precious metals have gained more than 11% in September alone.
The uncertainty comes after talks between President Donald Trump and US congressional leaders on short-term funding ended without a deal, raising the risk of a shutdown as current funding expires. “If no agreement is reached, a shutdown could delay key economic data, including the September nonfarm payrolls report,” Trivedi added.
Further market jitters were fueled by the US set to impose new tariffs on heavy trucks, patented drugs, and other items, starting Wednesday. Positive inflows into gold exchange-traded funds also supported the rally. “Gold ETFs attracted USD 10.5 billion in September, lifting total inflows this year to about USD 50 billion, as investors sought safe haven assets amid global economic and political uncertainty,” said Renisha Chainani, Head of Research at Augmont.
