Gold futures touch fresh high of Rs 1.17 lakh/10 gm on US shutdown fears, silver futures at new peak of Rs 1.44 lakh/kg

Gold, Silver rally continue on September 30. 

Gold and silver prices surged to fresh record levels in the domestic futures market on Tuesday, tracking a sharp rally in global markets as investors weighed the risk of a potential US government shutdown and expectations of further interest rate cuts by the Federal Reserve.

Gold futures for December delivery on the Multi Commodity Exchange (MCX) rose Rs 1,291 or 1.11 percent to hit a lifetime high of Rs 1,17,750 per 10 grams. The contract has now gained for the fourth straight session. The February 2026 contract also advanced Rs 1,426 or 1.21 percent to a record Rs 1,18,994 per 10 grams.

Silver extended its rally as well, with the December delivery contract on MCX gaining Rs 1,170 or 0.82 percent to a new high of Rs 1,44,330 per kg. The March 2026 silver contract rose Rs 1,125 or 0.78 percent to Rs 1,45,952 per kg.

"Gold and silver extended their bullish momentum as safe-haven demand surged amid concerns over a potential US government shutdown, and additional tariff measures, coupled with expectations of further Fed rate cuts, are driving precious metal prices higher," Rahul Kalantri, Vice-President, Commodities, Mehta Equities Ltd. told PTI.

Globally, bullion prices touched fresh peaks. Gold futures for December delivery rose over 1 per cent to USD 3,895.22 per ounce, while silver moved up to USD 47.41 per ounce.

"Gold prices rose to a fresh record high of USD 3,895 per ounce, heading for their biggest monthly gain in 14 years, as investors rushed to safe-haven assets amid mounting concerns over a looming US government shutdown," said Jigar Trivedi, Senior Research Analyst, Reliance Securities. Gold futures have gained more than 11 per cent so far in September.

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