Gold prices on the MCX touched an all-time high of Rs 1,27,500 per 10 grams (December contract) during early Wednesday trade, driven by escalating geopolitical tensions and rising expectations of US rate cuts. The precious metal was last seen trading around Rs 1,26,798, marking a rise of Rs 542, or 0.43%, from the previous session. Analysts attribute this surge to heightened safe-haven demand as US-China trade uncertainties weigh on the global economic outlook.
Gold Prices Hit Record
In international markets, spot gold hovered near record levels at $4,155.99 (Rs 3,45,000) per ounce, while US gold futures reached $4,174.30 (Rs 3,46,000). Gold has surged 55% year-to-date, reflecting strong central bank purchases, de-dollarisation trends, and significant ETF inflows. Silver mirrored the momentum, climbing Rs 1,090 to Rs 1,60,594 per kilogram.
US Fed Chair Jerome Powell’s indication of possible monetary easing further supported the rally. On the MCX, gold finds support at Rs 1,25,000–Rs 1,23,800 and faces resistance at Rs 1,27,400–Rs 1,28,500.
| City | Standard gold (22 carat) | Pure gold (24 carat) |
|---|---|---|
| Dehli | Rs 94,184/8 grams | Rs 1,01,264/8 grams |
| Mumbai | Rs 93,912/8 grams | Rs 1,00,968/8 grams |
| Chennai | Rs 93,992/8 grams | Rs 1,01,128/8 grams |
| Hyderabad | Rs 94,264/8 grams | Rs 1,01,376/8 grams |
