On the Multi Commodity Exchange (MCX), gold futures for December supply climbed by ₹1,185, or 0.93%, to succeed in a brand new peak of ₹1,28,395 per 10 grams.
Extending the positive aspects for the fifth consecutive session, the February 2026 contract for the yellow metallic futures additionally rose sharply by ₹977, or 0.76%, to the touch an all-time excessive of ₹1,29,380 per 10 grams.
“Gold prices remain elevated at record levels, driven by expectations of more interest rate cuts from the U.S. Federal Reserve [Fed] and ongoing tensions between Washington and Beijing,” Darshan Desai, chief government officer of Aspect Bullion & Refinery, mentioned.
He added that the futures market now anticipates a bigger price lower from the Fed, probably later this month or December, which might give gold costs one other increase.
“Gold is also likely to remain a safe-haven asset, supported by concerns over rising and potentially unsustainable debt levels, a weakening U.S. dollar, and continued buying by central banks,” Mr. Desai mentioned.
Tracking yellow metallic, silver costs additionally surged to new peaks on the MCX. The white metallic for December supply appreciated by ₹2,454, or 1.51%, to hit a file ₹1,64,660 per kilogram.
Similarly, the March 2026 contract prolonged its profitable streak for the fourth consecutive session by rising ₹2,699, or 1.6%, to hit a contemporary peak of ₹1,64,958 per kg on the commodities bourse.
The greenback index, which gauges the buck’s energy towards a basket of six currencies, was buying and selling decrease by 0.17% to 98.63, additional aiding the enchantment for bullion costs.
In the worldwide market, Comex gold futures continued their upward march by climbing to a file of $4,254.80 per ounce.
“Gold prices rose above $4,250 per ounce on Thursday, continuing its rally to a new record, driven by safe-haven demand and growing expectations of a dovish U.S. monetary policy,” Jigar Trivedi, senior analysis analyst at Reliance Securities, mentioned.
Mr. Trivedi added that the U.S. Federal Reserve Chair Jerome Powell’s current remarks highlighted indicators of a weakening labour market, which prompted traders to almost absolutely worth in a 25 foundation factors price lower at this month’s assembly, with one other probably in December.
Silver futures additionally adopted swimsuit within the international markets. The metallic for December supply rose to hit a lifetime excessive of $52.86 per ounce.
On Wednesday, U.S. officers criticised China’s tightened restrictions on uncommon earth exports, warning they pose dangers to international provide chains and hinting at potential countermeasures from Washington.
Meanwhile, U.S. Treasury Secretary Scott Bessent mentioned that Washington might think about imposing export limits or tariffs on China’s imports of Russian Oil if coordinated with European companions, a transfer that might additional pressure commerce relations and add to market uncertainty.
Analysts mentioned each gold and silver have been on a record-setting spree this week, pushed by sturdy investor inflows into treasured metals. Any affirmation of a price lower by the Fed would probably push bullion costs to contemporary data within the weeks forward.
Leave a Comment