MCX Gold Futures Surge Past Rs 1.23 Lakh per 10 Grams, Reaching Record High
Gold prices soared to new heights on Monday, with domestic futures trading witnessing a significant surge. Gold futures for December delivery climbed by ₹2,613, marking a 2.15% increase and setting a record at ₹1,23,977 per 10 grams. This rise in gold prices is attributed to escalating trade tensions between the United States and China, an ongoing US government shutdown, and growing global economic uncertainties, which have heightened the demand for safe-haven assets.
Record Highs in Gold Futures
In the Multi Commodity Exchange (MCX) trading, gold futures for December delivery reached an unprecedented ₹1,23,977 per 10 grams. This increase of ₹2,613 reflects a broader trend in the market, where gold prices have been on an upward trajectory. The February 2026 contract also saw a rise, increasing by ₹2,296 (1.87%) and trading near its all-time high of ₹1,24,999 per 10 grams. Earlier in the week, gold prices had already surged by ₹3,251 (2.75%), reaching ₹1,23,677 per 10 grams before experiencing slight profit-taking. The current market dynamics suggest that the ongoing uncertainties are likely to keep gold prices elevated.
Silver Prices Also on the Rise
Silver futures mirrored the upward trend seen in gold, with the December delivery contract rising by ₹5,856 (4%) to ₹1,52,322 per kilogram on MCX. This price is approaching the recent peak of ₹1,53,388 per kilogram recorded on Thursday. The March 2026 silver futures contract also increased, climbing by ₹4,992 (3.39%) to ₹1,52,011 per kilogram. Last week, silver prices had already registered a gain of ₹722 (0.49%). The robust performance of silver indicates a strong demand for precious metals amid the current economic climate.
Factors Driving the Surge
Several factors are contributing to the rise in gold and silver prices. The ongoing trade tensions between the US and China have intensified, with US President Donald Trump announcing plans for additional tariffs on Chinese exports. This situation is compounded by the unresolved US government shutdown, which has left traders without crucial macroeconomic data. Analysts predict that the Federal Reserve may implement further interest rate cuts, which could influence market dynamics. Additionally, a sell-off in global equity markets has driven investors toward safe-haven assets like gold and silver.
Market Outlook and Future Trends
Looking ahead, market participants are closely monitoring upcoming economic indicators, including the US Consumer Price Index (CPI) inflation data, which could provide insights into future monetary policy. Experts are also awaiting comments from US Federal Reserve officials, including Chair Jerome Powell, which may further impact gold prices. As the Diwali festival approaches in India, increased demand for gold is anticipated, potentially sustaining the upward momentum in prices. The current economic uncertainties and geopolitical tensions are likely to keep gold and silver in high demand as safe-haven investments.
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