Editor’s Note
This article highlights a historic surge in precious metals futures, with gold and silver prices reaching unprecedented levels on the MCX. The dramatic intraday gains underscore significant market volatility and shifting investor sentiment. Readers should note that such rapid price movements can have immediate effects on retail markets and broader economic indicators.
On Thursday, gold and silver broke all previous records in the futures market. At 10:24 AM on the Multi Commodity Exchange (MCX), silver surged past the ₹400,000 level for the first time with a massive 6% jump compared to the previous session. At that time, the price reached ₹408,481 per kilogram. Similarly, gold also soared with a massive 7.89% rally compared to the previous session, reaching ₹179,001 per 10 grams. The impact of rising prices is also being seen in the retail market.
A slight variation in gold prices was observed in major cities across the country today. In the capital Delhi, 24-carat gold was trading at ₹17,900 per gram, while 22-carat gold was recorded at ₹16,410 per gram. Meanwhile, 18-carat gold was selling at ₹13,429 per gram.
In Mumbai today, the rate for 24-carat gold was ₹17,885 per gram. 22-carat gold is available here at ₹16,395 per gram, while 18-carat gold was recorded at ₹13,414 per gram.
Gold prices in Kolkata remained similar to Mumbai. Here, 24-carat gold was trading at ₹17,885 per gram, 22-carat gold at ₹16,395 per gram, and 18-carat gold at ₹13,414 per gram.
Gold prices in Chennai, a major city in South India, remained at relatively higher levels. Here, 24-carat gold was selling at ₹18,328 per gram, 22-carat gold at ₹16,800 per gram, and 18-carat gold at ₹13,900 per gram.
In Bengaluru today, the rate for 24-carat gold was ₹17,885 per gram, while 22-carat gold was trading at ₹16,395 per gram and 18-carat gold at ₹13,414 per gram.
On Thursday, gold prices set a new record when they surpassed the $5,500 per ounce level to reach an all-time high. Persistent weakness in the US dollar and rising global economic and geopolitical uncertainties have strengthened the demand for gold as a safe-haven investment. The market rally intensified further when US President Donald Trump downplayed the dollar’s slide to a four-year low.
Meanwhile, the Federal Reserve, as expected, kept interest rates unchanged. The central bank pointed to signs of strength in economic activity and initial improvement in the labor market, but also expressed caution regarding high inflation and an uncertain future. Two Fed policymakers voted in favor of an immediate rate cut, keeping alive the possibility of monetary easing by the end of this year.