Gold rate today: Ahead of Dhanteras, gold prices hit record high of Rs 1.28 lakh per 10 grams; will the rally sustain?
Gold futures trading on the Multi Commodity Exchange (MCX) for December delivery witnessed an increase of Rs 1,185, equivalent to 0.93 per cent, achieving a record Rs 1,28,395 per 10 grams.The February 2026 contract for gold futures continued its positive momentum for the fifth straight session, rising by Rs 977 (0.76 per cent) to achieve an unprecedented Rs 1,29,380 per 10 grams.“Gold prices remain elevated at record levels, driven by expectations of more interest rate cuts from the US Federal Reserve (Fed) and ongoing tensions between Washington and Beijing,” said Darshan Desai, Chief Executive Officer of Aspect Bullion & Refinery, according to a PTI report.Desai noted that futures markets anticipate substantial rate reductions from the Fed, potentially occurring later this month or December, which could further strengthen gold prices.“Gold is also likely to remain a safe-haven asset, supported by concerns over rising and potentially unsustainable debt levels, a weakening US dollar, and continued buying by central banks,” Desai explained.Silver prices followed gold’s trajectory, reaching unprecedented levels on the MCX.
The December delivery contract of the white metal rose by Rs 2,454 (1.51 per cent) to achieve a record of Rs 1,64,660 per kilogram.The March 2026 contract maintained its positive momentum for the fourth straight session, increasing by Rs 2,699 (1.6 per cent) to establish a new high of Rs 1,64,958 per kg on the commodities exchange.The bullion prices received additional support as the dollar index, which measures the US currency against six major currencies, declined by 0.17 per cent to 98.63.In global markets, Comex gold futures sustained their upward movement, reaching a new high of $4,254.80 per ounce.“Gold prices rose above $4,250 per ounce on Thursday, continuing its rally to a new record, driven by safe-haven demand and growing expectations of a dovish US monetary policy,” said Jigar Trivedi, Senior Research Analyst at Reliance Securities.The Federal Reserve Chair Jerome Powell’s observations indicated a softening labour market, leading investors to anticipate a 25 basis points rate reduction at the current month’s meeting, with expectations of an additional cut in December, as noted by Trivedi.In international markets, silver futures demonstrated parallel movement.
The December delivery contract achieved its highest-ever value at $52.86 per ounce.American officials expressed concerns on Wednesday regarding China’s enhanced controls on rare earth exports, suggesting these measures could disrupt global supply networks and indicating possible retaliatory actions from the United States.Additionally, US Treasury Secretary Scott Bessent indicated that America might explore implementing export restrictions or duties on Chinese buys of Russian oil, subject to European cooperation.
Such actions could potentially intensify trade tensions and increase market volatility.Experts observed that precious metals have established consecutive records this week, attributed to substantial investor participation.
They suggest that any confirmation of a Federal Reserve rate reduction could potentially drive bullion values to unprecedented levels in the coming weeks.(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own.
These opinions do not represent the views of The Times of India)
