Gold Prices Hit Record High as Global Rates Cross $4,250:
SRINAGAR: In a major boost for bullion investors, gold prices in India soared to an all-time high on Thursday, mirroring the surge in global gold rates. On the Multi Commodity Exchange (MCX), December gold futures climbed Rs 1,185 to trade at Rs 1,28,395 per 10 grams, as international prices crossed USD 4,250 per ounce for the first time in history.
According to market experts, the latest rally is being driven by strong expectations of US Federal Reserve interest rate cuts, heightened geopolitical tensions, and sustained central bank gold purchases — all factors that reinforce gold’s safe-haven appeal.
MCX Gold Prices Continue to Shine
The domestic bullion market witnessed yet another day of strong buying interest. MCX December futures gained 0.93%, marking the fifth straight session of gains, while the February 2026 contract also advanced Rs 977 (0.76%) to touch a new record of Rs 1,29,380 per 10 grams.
“Gold remains supported at record levels as investors expect multiple rate cuts from the US Fed amid global uncertainty,” said Darshan Desai, CEO of Aspect Bullion and Refinery. “If the Federal Reserve signals deeper cuts in its upcoming meetings, we could see gold touching new milestones before the year ends.”
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Global Gold Prices Breach $4,250 Mark
On the global stage, Comex gold futures hit an all-time high of USD 4,254.80 per ounce, while silver prices surged to USD 52.86 per ounce, setting new lifetime records. The US Dollar Index slipped 0.17% to 98.63, further boosting bullion demand by making gold cheaper for holders of other currencies.
“Gold’s rally above $4,250 clearly reflects investors’ growing confidence in a dovish Fed stance,” said Jigar Trivedi, Senior Research Analyst at Reliance Securities, as quoted by Mathrubhumi English. “Powell’s recent comments about labour market weakness have strengthened the case for a 25-basis-point rate cut this month, followed by another in December.”
Silver Prices Also Touch Record Levels
Tracking gold’s momentum, silver prices in India jumped sharply. On the MCX, December silver futures surged Rs 2,454 (1.51%) to Rs 1,64,660 per kilogram, while the March 2026 contract rose Rs 2,699 (1.6%) to Rs 1,64,958 per kg.
Experts believe that the growing industrial demand for silver, especially from renewable energy and electric vehicle sectors, could further support prices in the coming quarters.
US-China Tensions and Market Volatility
The rally in gold also comes amid rising US-China trade tensions. Washington recently criticized Beijing’s decision to tighten restrictions on rare earth exports, while US Treasury Secretary Scott Bessent hinted at possible curbs on China’s imports of Russian oil — a move that analysts say could intensify global market volatility.
“Geopolitical uncertainty, inflation fears, and a weaker dollar are aligning perfectly to drive investors toward gold,” analysts noted.
Outlook: Will Gold Prices Continue to Rise?
With inflation concerns persisting and central banks diversifying reserves, gold is likely to remain on an upward trajectory in the short term. Analysts suggest that if the Federal Reserve confirms a larger rate cut, gold could easily surpass Rs 1,30,000 per 10 grams in the coming weeks.
Meanwhile, silver could continue to benefit from industrial recovery and clean energy demand, adding to the broader momentum in precious metals.