Gold prices skyrocketed to an all-time high on Friday, driven by surging safe-haven demand as investors reacted to intensifying global economic concerns and growing hopes of monetary easing by the U.S. Federal Reserve.
On the Multi Commodity Exchange (MCX), gold futures for December delivery jumped ₹2,442 or 1.88%, to a record ₹1,32,294 per 10 grams. The February 2026 contract also surged ₹2,927 or 2.23%, touching a new peak of ₹1,34,024 per 10 grams — marking the sixth straight session of gains.
“Gold continues to rally to unprecedented levels as fears of a potential U.S. credit crisis overshadow optimism around improving U.S.-Russia ties. A weaker dollar and expectations of Fed rate cuts are further fueling the uptrend,” said Darshan Desai, CEO of Aspect Bullion & Refinery.
Silver mirrored gold’s momentum, hitting record highs on the commodities bourse. The December silver futures rose ₹2,752 or 1.64%, to ₹1,70,415 per kilogram, while the March 2026 contract gained ₹3,274 or 1.93% to reach ₹1,72,350 per kg — extending its rally for the fifth straight session.
Globally, Comex gold futures also soared, with the December contract gaining $71.09 or 1.65% to $4,375.69 per ounce, after breaching the $4,300 level for the first time. The yellow metal later touched an intraday record of $4,391.69 per ounce.
“The relentless safe-haven demand and strong technical momentum are keeping gold and silver on a bullish path, sidelining market bears,” said Rahul Kalantri, Vice-President of Commodities at Mehta Equities Ltd.
Jigar Trivedi, Senior Research Analyst at Reliance Securities, noted that the yellow metal is on track for its sharpest weekly advance in the ongoing nine-week rally, supported by escalating economic worries, renewed U.S.-China trade tensions, and fears of a U.S. government shutdown.
He added that comments from U.S. Fed Chair Jerome Powell hinting at a weakening labor market have strengthened expectations of a 25-basis-point rate cut later this month, with another possible in December.
Gold has now surged over 65% so far this year, buoyed by strong central bank buying, rising ETF inflows, and heightened investor appetite for safe-haven assets.
