Gold and Silver Futures Soar to Record Highs Amid Global Economic Uncertainty
Gold and silver futures powered to fresh lifetime highs on Friday as investors doubled down on safe-haven assets, tracking record international prices amid a weaker US dollar and rising expectations of interest rate cuts by the Federal Reserve. This rally marks a significant surge in precious metals, reflecting heightened market volatility and macroeconomic pressures.
MCX Gold and Silver Reach Unprecedented Levels
On the Multi Commodity Exchange (MCX), gold for February delivery jumped Rs 2,885, or 1.84 per cent, to hit a new record of Rs 1,59,226 per 10 grams, extending its rally for the fifth straight session. The yellow metal had settled at Rs 1,56,341 per 10 grams on Thursday. Similarly, silver futures also witnessed substantial gains, contributing to the overall bullish sentiment in the commodities market.
Rahul Gupta, Chief Business Officer at Ashika Group, commented on the trend, stating, "Gold's surge to record highs on the MCX reflects a powerful convergence of global risk factors and macroeconomic tailwinds." He pointed to heightened geopolitical tensions and persistent geoeconomic uncertainty that have revived safe-haven demand, driving investors towards bullion as a reliable store of value.
Global Factors Fueling the Rally
Gupta added that a weakening US dollar has further lifted bullion sentiment, while markets are increasingly pricing in the likelihood of rate cuts by the US Federal Reserve, reducing the opportunity cost of holding non-yielding assets such as gold. The dollar index was trading 0.05 per cent lower at 98.31, providing additional support to precious metals priced in the currency.
In overseas markets, bullion prices also touched historic levels, with Comex gold for February delivery rising $56.6, or 1.15 per cent, to a record $4,970 per ounce, after breaching the $4,900 mark in the previous session. Renisha Chainani, Head of Research at Augmont, noted, "Gold and silver surged to fresh all-time highs, marking their strongest weekly performance since March 2020, supported by lingering geopolitical risks and sustained safe-haven demand."
Gold Prices Across Major Indian Cities
Here is how gold is priced across major Indian cities today, reflecting the nationwide impact of the global rally:
- Delhi: 22K gold is priced at Rs 14,420 per gram, up Rs 260, while 24K gold stands at Rs 15,730 per gram, higher by Rs 284.
- Mumbai: 22K gold is available at Rs 14,405 per gram, up Rs 260, while 24K gold is priced at Rs 15,715 per gram, higher by Rs 284.
- Chennai: 22K gold costs Rs 14,650 per gram, up Rs 450, while 24K gold is priced at Rs 15,982 per gram, higher by Rs 491.
- Kolkata: 22K gold is priced at Rs 14,405 per gram, up Rs 260, while 24K gold costs Rs 15,715 per gram, higher by Rs 284.
- Hyderabad: 22K gold is selling at Rs 14,405 per gram, up Rs 260, while 24K gold is priced at Rs 15,715 per gram, higher by Rs 284.
- Ahmedabad: 22K gold is priced at Rs 14,410 per gram, up Rs 260, while 24K gold costs Rs 15,720 per gram, higher by Rs 284.
- Bangalore: 22K gold is available at Rs 14,405 per gram, up Rs 260, while 24K gold is priced at Rs 15,715 per gram, higher by Rs 284.
- Patna: 22K gold is priced at Rs 14,410 per gram, up Rs 260, while 24K gold stands at Rs 15,720 per gram, higher by Rs 284.
- Bhubaneswar: 22K gold is selling at Rs 14,405 per gram, up Rs 260, while 24K gold is priced at Rs 15,715 per gram, higher by Rs 284.
- Lucknow: 22K gold costs Rs 14,420 per gram, up Rs 260, while 24K gold is priced at Rs 15,730 per gram, higher by Rs 284.
- Jaipur: 22K gold is priced at Rs 14,420 per gram, up Rs 260, while 24K gold stands at Rs 15,730 per gram, higher by Rs 284.
The widespread increase in gold prices across these cities underscores the broad-based demand and the influence of international market trends on domestic valuations. Investors and consumers alike are closely monitoring these developments as precious metals continue to play a critical role in portfolio diversification and risk management strategies.
