What is the story about?
Gold Prices surge to all-time high
Gold prices on Friday surged to an all-time high, driven by growing expectations of a Federal Reserve rate cut and the metal’s continued appeal as a safe-haven investment in uncertain times.As of 10:00 am, gold prices for the February contract on the Multi-Commodity Exchange (MCX) rose 0.7 per cent, or Rs 1,025, to Rs 1,39,122. However, prices hit a record high of Rs 1,39,160 earlier in the session.
“The rising tensions between the US and Venezuela have boosted safe-haven flows into bullion prices. Further, US Q3 GDP data failed to strengthen the US dollar despite increased bets on two Fed rate cuts in 2026,” Renisha Chainani, Head of Research at Augmont, told Press Trust of India (PTI).
Contributing to the safe-haven inflow into gold, the United States carried out what President Donald Trump described as a “deadly” strike against the Islamic State (ISIS) in northwest Nigeria. Gold continues to shine as a safe-haven hedge during uncertain times.
As reported by Reuters, President Trump said on Tuesday that he wants the next Federal Reserve chair to lower interest rates if markets are performing well. The US central bank has cut rates three times in 2025, and traders are currently pricing in two rate cuts next year.
Silver hits record levels
Silver prices also soared to record levels, supported by tightening supply and increasing industrial demand.As of 10:00 am, the silver contract for March was up nearly 4 per cent, or Rs 8,410, at Rs 2,32,200, earlier reaching a record high of Rs 2,32,741 in the session.
An analyst told ET Now’s Swadesh, “Industrial demand is there, but supply is tight.” They added, “With silver, caution is needed.”
Silver is both an industrial and precious metal, valued for its exceptional electrical and thermal conductivity in technology, as well as its timeless appeal in jewellery and investment.
In the international market, silver prices surpassed the psychological level of USD 75 for the first time, hitting a record high of USD 75.16.
Key factors driving precious metals
Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, told PTI that a weak US dollar, expectations of dovish monetary policy from the US Federal Reserve, and ongoing geopolitical tensions continue to act as tailwinds for precious metals.Check city-wise prices
| City Name | Price/10g (24 Carat) |
| Chennai | 1,39,450 |
| Bangalore | 1,39,480 |
| Hyderabad | 1,39,410 |
| Mumbai | 1,39,400 |
| Kolkata | 1,39,380 |
| Chandigarh | 1,39,480 |
| Delhi | 1,41,500 |
| Pune | 1,39,400 |
| Noida | 1,39,550 |
| Gurgaon | 1,39,540 |
