Gold prices hit a record of Rs 1,38,676 per 10 grams in futures trade on Wednesday, while the metal crossed USD 4,500 per ounce in the global market, amid expectations of further monetary easing by the Federal Reserve and rising geopolitical tensions.
Rallying for the third straight session, gold futures for February delivery increased by Rs 791, or 0.57 per cent, to hit a lifetime high of Rs 1,38,676 per 10 grams on the Multi Commodity Exchange (MCX).
Silver futures also maintained their upward momentum for the fourth consecutive day. The white metal for the March 2026 contract surged by Rs 4,234, or 1.93 per cent, to scale a new all-time peak of Rs 2,23,887 per kilogram.
In the international markets, Comex gold futures climbed for the fourth straight day, climbing by USD 49.4, or 1.10 per cent, to touch a new record of USD 4,555.1 per ounce.
"Gold surged past USD 4,500 per ounce to a fresh record, driven by expectations of further Federal Reserve easing and rising geopolitical tensions," Jigar Trivedi, Senior Research Analyst at Reliance Securities, said.
Rallying for the fourth straight day on the comex, silver futures for the March 2026 contract went up by USD 1.61, or 2.23 per cent, to touch a lifetime high of USD 72.75 per ounce in the overseas trade.
On the US macroeconomic data front, the economic growth remained solid in the third quarter, with GDP expanding at a faster pace than in the prior period, although labour market data pointed to continued but gradually moderating job creation.
"Investors are still pricing in two rate cuts in 2026 as inflation cools and employment conditions soften, even as policymakers remain divided. Meanwhile, tensions between the US and Venezuela have been rising, which has lifted safe-haven demand and increased geopolitical risks across commodity markets," Trivedi added.
Gold is now up around 70 per cent this year and is on track for its strongest annual gain since 1979, supported by sustained central bank buying and steady inflows into gold-backed funds, he said.
