Gold Prices Soar to Record Highs Globally, MCX Rates in India Reach ₹1.22 Lakh

Mumbai, Oct 8: Gold prices reached an unprecedented milestone on Wednesday, crossing $4,000 per ounce in international markets for the first time. Spot gold touched $4,002.53, while December gold futures on the US Commodity Exchange rose 0.5% to $4,025 per ounce.

The rally has been fueled by strong demand for safe-haven assets amid rising global economic uncertainty, geopolitical tensions, and speculation about possible US Federal Reserve interest rate cuts. Experts note that global events  including the US government shutdown, political instability in France, economic challenges in Japan and Argentina, and the Russia-Ukraine conflict have further supported investor interest in precious metals.

In India, gold prices on the Multi Commodity Exchange (MCX) also hit record highs. December gold futures surged past ₹1,22,000 per 10 grams, reaching ₹1,22,101 during early trading, up 0.69% at ₹1,21,949 per 10 grams. Silver futures similarly rose 0.73% to ₹1,46,855 per kg.

Gold’s strong performance this year is backed by robust central bank buying, steady inflows into gold ETFs, and a weaker US dollar. Domestic spot gold prices have risen over 55% in 2025, reflecting global bullish sentiment.

Analysts suggest gold’s record-breaking trend could continue if geopolitical and economic uncertainties persist and the Federal Reserve signals rate cuts in the coming months. Gold has support at $3,950–3,920 and resistance at $4,020–4,045, while silver’s support and resistance levels are $47.40–47.70 and $48.50–48.90, respectively.

Experts said, “Gold prices surged past $4,000 per ounce as investors sought safe-haven assets amid mounting global uncertainties, supporting continued upward momentum.”