Gold Hits Record ₹1.32 Lakh per 10g as Investors Seek Safe-Haven Amid Global Uncertainty

Gold prices in India soared to an all-time high of ₹1,32,294 per 10 grams in domestic futures trade on Friday, reflecting strong safe-haven demand amid global economic uncertainties and expectations of monetary easing by the U.S. Federal Reserve.

On the Multi Commodity Exchange (MCX), December gold futures jumped by ₹2,442 (1.88%), while the February 2026 contract surged ₹2,927 (2.23%) to ₹1,34,024 per 10 grams, marking its sixth consecutive session of gains.

Silver also extended its rally, with December futures rising ₹2,752 (1.64%) to ₹1,70,415 per kilogram. The March 2026 contract climbed ₹3,274 (1.93%) to ₹1,72,350 per kg, recording five straight sessions of gains.

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Global Markets Drive Local Rally

Internationally, Comex gold futures for December delivery rose by $71.09 (1.65%) to $4,375.69 per ounce, breaching $4,300 the previous day and touching an intraday record of $4,391.69 per ounce. Silver futures traded at $53.38 per ounce after hitting a previous record of $53.76.

Experts attribute the surge to multiple factors. Darshan Desai, CEO of Aspect Bullion & Refinery, said the rally is fueled by concerns over a potential U.S. credit crisis, a weakening dollar, and expectations of Federal Reserve rate cuts. Rahul Kalantri, VP of Commodities at Mehta Equities, noted that continuous safe-haven buying and strong technical momentum have sidelined market bears, reinforcing bullish sentiment.

Jigar Trivedi, Senior Research Analyst at Reliance Securities, highlighted that the precious metal has gained over 65% this year, supported by central bank purchases, ETF inflows, and renewed U.S.-China trade tensions, as well as concerns over a U.S. government shutdown. He added that Fed Chair Jerome Powell’s recent comments on a weakening labor market have heightened expectations of further rate cuts in the coming months.