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Gold prices climbed to fresh record highs on Monday, with analysts expecting the rally to extend further on the back of strong global momentum.
Domestic gold futures rose 0.74% to ₹1.14 lakh per 10 grams in early trade, while international spot prices crossed $3,800 an ounce for the first time. At 04:32 GMT, spot gold was up 1.1% at $3,800.09 per ounce, and US gold futures for December delivery advanced 0.6% to $3,830 an ounce.
Peter McGuire, CEO of Trading.com, told CNBC-TV18 that the move is nothing short of extraordinary and could push prices towards the $4,000 mark very soon. “I tell you what, it’s breathtaking. December 2025 futures on COMEX are running at $3,848 per ounce. $4,000 has got to be pencilled in, and the way it’s going, it could be there within the next week or two, if not sooner,” he said.
Rising expectations of interest rate cuts by the US Federal Reserve have boosted investor appetite for the yellow metal, which has gained over 40% since the start of the year. Despite the sharp rally, McGuire believes gold remains under-owned globally, especially among retail investors in the West. “Young people are only just starting to wake up. It’s gaining airwaves on radio, on TV, in the press. Main Street is really starting to take large gulps of oxygen; they know all about gold now,” he said.
Silver has also been on a tear, with prices on the Multi Commodity Exchange (MCX) hitting an all-time high of ₹1.43 lakh per kg in early trade on Monday. In global markets, spot silver rose 1% to $46.47 per ounce. McGuire called silver the “standout,” noting that it has surged nearly 63% since the April lows. “As soon as it breaks $50, I think we change our philosophy, because it’s just running away and it’s so aggressive to the upside,” he added.
Platinum too has seen strong gains, though McGuire pointed out that the market’s attention remains firmly on gold and silver. “The whole precious metals complex is just on fire,” he said.
Watch accompanying video for entire conversation.
Domestic gold futures rose 0.74% to ₹1.14 lakh per 10 grams in early trade, while international spot prices crossed $3,800 an ounce for the first time. At 04:32 GMT, spot gold was up 1.1% at $3,800.09 per ounce, and US gold futures for December delivery advanced 0.6% to $3,830 an ounce.
Peter McGuire, CEO of Trading.com, told CNBC-TV18 that the move is nothing short of extraordinary and could push prices towards the $4,000 mark very soon. “I tell you what, it’s breathtaking. December 2025 futures on COMEX are running at $3,848 per ounce. $4,000 has got to be pencilled in, and the way it’s going, it could be there within the next week or two, if not sooner,” he said.
Rising expectations of interest rate cuts by the US Federal Reserve have boosted investor appetite for the yellow metal, which has gained over 40% since the start of the year. Despite the sharp rally, McGuire believes gold remains under-owned globally, especially among retail investors in the West. “Young people are only just starting to wake up. It’s gaining airwaves on radio, on TV, in the press. Main Street is really starting to take large gulps of oxygen; they know all about gold now,” he said.
Silver has also been on a tear, with prices on the Multi Commodity Exchange (MCX) hitting an all-time high of ₹1.43 lakh per kg in early trade on Monday. In global markets, spot silver rose 1% to $46.47 per ounce. McGuire called silver the “standout,” noting that it has surged nearly 63% since the April lows. “As soon as it breaks $50, I think we change our philosophy, because it’s just running away and it’s so aggressive to the upside,” he added.
Platinum too has seen strong gains, though McGuire pointed out that the market’s attention remains firmly on gold and silver. “The whole precious metals complex is just on fire,” he said.
Watch accompanying video for entire conversation.
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