Gold Futures Hit Record Rs 1.32 Lakh/10g Amid Global Worries, Fed Easing Hopes

New Delhi, Oct 17: Gold prices surged by Rs 2,442 to touch an all-time high of Rs 1,32,294 per 10 grams in the domestic futures trade on Friday, driven by safe-haven demand as investors weighed deepening global economic uncertainties and expectations of monetary easing by the US Federal Reserve.
On the Multi Commodity Exchange (MCX), the yellow metal futures for December delivery increased by Rs 2,442, or 1.88 per cent, to hit a lifetime high of Rs 1,32,294 per 10 grams.
Similarly, the February 2026 contract for gold futures rallied by Rs 2,927, or 2.23 per cent, to hit a fresh peak of Rs 1,34,024 per 10 grams, marking its sixth straight session of gains.
“Gold prices continue to surge, reaching new record highs as concerns about a potential credit crisis in the US outweigh optimism over a likely improvement in US-Russia relations. A weaker US dollar and expectations of interest rate cuts by the Federal Reserve are also supporting the rally,” Darshan Desai, Chief Executive Officer of Aspect Bullion & Refinery, said.
Silver too joined the rally, scaling fresh peaks on the MCX. The white metal for December delivery jumped by Rs 2,752, or 1.64 per cent, to hit a record of Rs 1,70,415 per kilogram.
The March 2026 contract for silver extended gains for the fifth straight session, by bouncing Rs 3,274, or 1.93 per cent, to reach an all-time high of Rs 1,72,350 per kg on the commodities bourse.
In the international markets, Comex futures surged sharply as well. The yellow metal for December delivery gained USD 71.09, or 1.65 per cent, to USD 4,375.69 per ounce on Friday, after breaching the USD 4,300 per ounce level a day earlier. It later touched an intraday record high of USD 4,391.69 per ounce.
“Gold breached the USD 4,300 per ounce mark for the first time ever. The continuous flow of safe-haven buying and strong technical momentum are driving both metals higher. The sustained bullish sentiment has sidelined market bears, highlighting the strong upward bias in both metals,” said Rahul Kalantri, Vice-President of Commodities at Mehta Equities Ltd.
Jigar Trivedi, Senior Research Analyst at Reliance Securities, said, “The yellow metal is on track for a sharp weekly advance, the strongest in the current nine-week rally, as investors sought safety amid heightened economic uncertainties.” On the other hand, Comex silver futures for December delivery traded marginally higher at USD 53.38 per ounce, after hitting a record of USD 53.76 per ounce in the previous market session.
Trivedi added that bullion repeatedly hit new highs this week, driven by renewed US-China trade tensions and concerns over the ongoing US government shutdown.
“The precious metal was further supported by Federal Reserve Chair Jerome Powell’s recent remarks, which pointed to signs of a weakening labour market, leading investors to nearly fully price in a 25 basis points cut later this month, with another likely in December.
“Gold has now surged more than 65 per cent so far this year, bolstered by central bank purchases, exchange traded fund (ETF) inflows, and strong demand for safe assets,” he added. (AGENCIES)