Gold surges to all-time high of Rs 1.32 lakh per 10 grams, silver follows rally
The metal has surged more than 65 per cent this year, supported by central bank purchases, ETF inflows, and strong safe-haven demand
By - Newsmeter Network
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New Delhi: Gold prices soared to an all-time high of Rs 1,32,294 per 10 grams on Friday, driven by safe-haven demand as investors weighed global economic uncertainties and expectations of US Federal Reserve rate cuts.
Silver also joined the rally, reaching record levels in domestic futures trade.
Gold futures surge to lifetime highs
On the Multi Commodity Exchange (MCX), December gold futures jumped Rs 2,442, or 1.88 per cent, to Rs 1,32,294 per 10 grams. The February 2026 contract rose Rs 2,927, or 2.23 per cent, to Rs 1,34,024 per 10 grams, marking its sixth straight session of gains.
“Gold prices are reaching new highs amid fears of a potential US credit crisis. A weaker US dollar and expectations of Federal Reserve interest rate cuts are further fuelling the rally,” said Darshan Desai, CEO of Aspect Bullion & Refinery.
Silver tracks gold’s rally
Silver futures also scaled fresh peaks. The December contract climbed Rs 2,752, or 1.64 per cent, to Rs 1,70,415 per kg, while the March 2026 contract advanced Rs 3,274, or 1.93 per cent, to Rs 1,72,350 per kg, extending gains for the fifth consecutive session.
Global markets mirror an uptrend
Internationally, Comex gold futures for December delivery surged USD 71.09, or 1.65 per cent, to USD 4,375.69 per ounce, after crossing the USD 4,300 mark for the first time. The intraday high touched USD 4,391.69 per ounce.
“Safe-haven buying and strong technical momentum are driving metals higher. Bullish sentiment remains strong, sidelining market bears,” said Rahul Kalantri, Vice-President of Commodities at Mehta Equities Ltd.
Comex silver futures for December delivery traded marginally higher at USD 53.38 per ounce, following a previous session record of USD 53.76 per ounce. Analysts pointed to US-China trade tensions and concerns over the US government shutdown as key triggers.
Gold set for strongest weekly gain
“Gold is on track for its biggest weekly advance in the current nine-week rally. The metal has surged more than 65 per cent this year, supported by central bank purchases, ETF inflows, and strong safe-haven demand,” noted Jigar Trivedi, Senior Research Analyst at Reliance Securities.
