Gold hits an all-time high of Rs 1,28,395 per 10 grams; silver also surges

Gold prices on Thursday (October 16) surged by Rs 1,185 to scale an all-time high of Rs 1,28,395 per 10 grams in the domestic futures trade, while the yellow metal crossed the USD 4,250 per ounce globally, driven by expectations of interest rate cuts by the US Federal Reserve, and persistent geopolitical tensions.

Also Read: Gold surges to all-time high of Rs 1,30,800 on Dhanteras demand

Record gold prices

On the Multi Commodity Exchange (MCX), gold futures for December delivery climbed by Rs 1,185, or 0.93 per cent, to reach a new peak of Rs 1,28,395 per 10 grams.

Extending the gains for the fifth consecutive session, the February 2026 contract for the yellow metal futures also rose sharply by Rs 977, or 0.76 per cent, to touch an all-time high of Rs 1,29,380 per 10 grams.

During morning trade, gold futures on MCX were up 0.6 per cent at Rs 1,27,960 per 10 grams, and silver futures gained 1 per cent to Rs 1,63,812 per kilogram.

Silver follows suit

Silver prices also surged to new peaks on the MCX. The white metal for December delivery appreciated by Rs 2,454, or 1.51 per cent, to hit a record Rs 1,64,660 per kilogram.

Similarly, the March 2026 contract extended its winning streak for the fourth consecutive session by rising Rs 2,699, or 1.6 per cent, to hit a fresh peak of Rs 1,64,958 per kg on the commodities bourse.

Silver futures also followed suit in the global markets. The metal for December delivery rose to hit a lifetime high of USD 52.86 per ounce.

Also Read: Festive buying to wedding shopping, why the middle class is struggling to purchase gold jewellery

Global gold prices

International gold prices also hit a new record, fuelled by strong investor demand amid a weaker dollar, continuing geopolitical tensions, and expectations of US Fed rate cuts.

In the international market, spot gold climbed 0.6 per cent to USD 4,233.06 per ounce, reaching an intraday high of USD 4,241.77, while US December gold futures advanced 1.1 per cent to USD 4,246.60 per ounce. Comex gold futures continued their upward march by climbing to a record of USD 4,254.80 per ounce.

Gold, which typically performs well in low-interest-rate environments, has reportedly surged 61 per cent so far this year as investors seek safety from global market volatility.

The US dollar index was trading lower by 0.17 per cent to 98.63 due to political and economic uncertainty in the United States, making dollar-denominated gold cheaper for foreign investors.

Trade tensions fuel price hike

Recent trade tensions between the US and China, coupled with fears of a potential US government shutdown, have heightened global economic concerns, driving investors toward safe-haven assets.

According to Reuters, US officials on Wednesday signalled “possible retaliatory measures against China” after criticising Beijing’s expanded rare earth export restrictions, describing them as a threat to global supply chains.

Experts warn that if the trade dispute continues, it could severely impact global economic growth.

Also Read: Buying gold? Go by how much your portfolio needs, not by bullion rate

Gold price in India

In Mumbai, 24-carat gold climbed to Rs 1,29,450 per 10 grams, while 22-carat gold traded at Rs 1,18,660 per 10 grams, according to a Times Now report. In Chennai, 22-carat gold per 10 grams is Rs 1,18,660, while that of 24-carat gold per 10 grams is Rs 1,29,450.

These prices exclude GST and making charges. Silver price also surged, reaching Rs 1,89,000 per kilogram.

Analysts said both gold and silver have been on a record-setting spree this week, driven by robust investor inflows into precious metals. Any confirmation of a rate cut by the Fed would likely push bullion prices to fresh records in the weeks ahead.