Gold surged past the $4,500-an-ounce mark for the first time on Wednesday, while silver and platinum also climbed to record highs as investors increased
exposure to precious metals amid safe-haven demand and expectations of further US interest rate cuts next year. Spot gold rose 0.1 per cent to $4,492.51 per ounce, after touching an all-time high of $4,525.19 earlier in the trading session. US gold futures for February delivery gained 0.3 per cent to a record high of $4,520.60.
Trades higher on MCX
Gold and silver futures traded firmly higher on the Multi Commodity Exchange (MCX) on Wednesday's early session, reflecting continued bullish sentiment in the precious metals space.
At around 10:14 am, silver futures (March 5) were trading at Rs 2,23,670 per kg, rising by Rs 4,017 or 1.83 per cent.
Meanwhile, gold futures (February 5) were also trading in the green, with commanding at Rs 1,38,584 per 10 grams, up Rs 699 or 0.51 per cent. Gold futures traded between Rs 1,38,126 and Rs 1,38,584 per 10 grams during the session, with the latest price marking a lifetime high, well above the earlier record of Rs 98,169 per 10 grams.
Moreover, Gold has gained more than 70 per cent so far this year, marking its biggest annual rise since 1979. The rally has been driven by safe-haven demand, expectations of U.S. rate cuts, strong central bank purchases, de-dollarisation trends and inflows into exchange-traded funds. Markets are currently pricing in two U.S. rate cuts next year.
Silver has outperformed gold, jumping more than 150 per cent over the same period, supported by strong investment demand, its inclusion on the U.S. critical minerals list and momentum buying.
Moreover, Gold has gained more than 70 per cent so far this year, marking its biggest annual rise since 1979. The rally has been driven by safe-haven demand, expectations of U.S. rate cuts, strong central bank purchases, de-dollarisation trends and inflows into exchange-traded funds. Markets are currently pricing in two U.S. rate cuts next year.
Silver has outperformed gold, jumping more than 150 per cent over the same period, supported by strong investment demand, its inclusion on the U.S. critical minerals list and momentum buying.
Gold, silver prices in major cities
In several major cities of Uttar Pradesh, including Lucknow, Noida, Ghaziabad, Meerut, Ayodhya, Gorakhpur, Kanpur, Varanasi and Agra, the price of 24-carat gold in the bullion market rose to Rs 1,34,400 per 10 grams on December 24.
Meanwhile, silver prices also remained elevated. In cities such as Delhi, Mumbai, Bhopal and Kolkata, the price of silver climbed to Rs 2,23,100 per kg, while in Chennai, silver was trading at a higher level of Rs 2,34,100 per kg.
Gold prices have been witnessing a strong upward trend due to multiple factors. The rally has continued steadily since the beginning of 2025, when gold was trading at around 2,650 dollars per ounce. Rising inflation, ongoing global geopolitical tensions, and a weaker US dollar have significantly boosted demand for the precious metal. As a result, investors are increasingly viewing gold as a safe and reliable investment option amid heightened uncertainty.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)
