Gold Prices Reach Record High Amid Global Economic Uncertainties

New Delhi, Oct 17 (PTI) Gold prices have reached unprecedented levels, soaring by Rs 2,442 to hit a new peak of Rs 1,32,294 per 10 grams in the domestic futures market on Friday. Investors are turning to the yellow metal as a safe haven amidst rising global economic uncertainties and anticipation of monetary easing by the US Federal Reserve.

On the Multi Commodity Exchange (MCX), gold futures for December delivery increased by Rs 2,442, a rise of 1.88 percent, reaching an all-time high of Rs 1,32,294 per 10 grams. Similarly, the February 2026 gold futures contract surged by Rs 2,927, or 2.23 percent, hitting a fresh high of Rs 1,34,024 per 10 grams, marking its sixth consecutive session of gains.

"Gold prices continue to climb, reaching record levels as concerns about a potential credit crisis in the US overshadow hopes of improved US-Russia relations. A weaker US dollar and anticipated interest rate cuts by the Federal Reserve are also fueling the rally," said Darshan Desai, CEO of Aspect Bullion & Refinery.

Silver also joined the upward trend, achieving new heights on the MCX. The white metal for December delivery advanced by Rs 2,752, or 1.64 percent, setting a record at Rs 1,70,415 per kilogram.

The March 2026 silver contract extended its gains for the fifth straight session, jumping by Rs 3,274, or 1.93 percent, to reach an all-time high of Rs 1,72,350 per kg on the commodities bourse. Internationally, Comex futures also experienced sharp rises.

The yellow metal for December delivery increased by USD 71.09, or 1.65 percent, to USD 4,375.69 per ounce on Friday, surpassing the USD 4,300 per ounce mark from the previous day. It later reached an intraday record high of USD 4,391.69 per ounce.

"Gold breaking the USD 4,300 per ounce barrier for the first time highlights the ongoing strong momentum and safe-haven demand propelling both gold and silver higher. Bulls dominate the market, sidelining bearish sentiments," commented Rahul Kalantri, Vice-President of Commodities at Mehta Equities Ltd.

Jigar Trivedi, Senior Research Analyst at Reliance Securities, remarked, "The yellow metal is set for a significant weekly gain, marking the strongest advance in the ongoing nine-week rally, as investors seek refuge amidst growing economic uncertainties." Meanwhile, Comex silver futures for December delivery traded slightly higher at USD 53.38 per ounce after reaching a record USD 53.76 per ounce in the previous session.

Trivedi also noted that gold and silver hit new highs during the week, fueled by renewed US-China trade tensions and concerns over an ongoing US government shutdown. "Further support for gold came from Federal Reserve Chair Jerome Powell's recent comments indicating signs of a weakening labor market. This led investors to almost fully price in a 25 basis point cut later this month, with another anticipated in December.