Gold and silver hit new record highs on the MCX

Gold prices surged to fresh record highs on the MCX during Wednesday’s session, driven by strong physical demand, supportive global cues, worries over the ongoing US government shutdown, and growing expectations of further interest rate cuts by the US Federal Reserve.

MCX Gold breached the ₹1,22,000 mark for the first time, touching a new lifetime high of ₹1,23,080 per 10 grams. MCX Silver also scaled a record peak of ₹1,49,138 per kg. As of 4:25 PM, MCX Gold December futures were trading 1.38% higher at ₹1,22,784 per 10 grams, while Silver December futures rose 2.11% to ₹1,48,870 per kg.

In the international market, US gold futures for December delivery soared past $4,000 per troy ounce to hit a historic high of $4,037. Gold has remained bullish throughout the year, supported by economic and geopolitical uncertainties, central bank buying, the weak dollar, expectations of US rate cuts, and increased inflows into gold ETFs.

Domestic spot gold has jumped over 55% year-to-date. With the US shutdown delaying key data releases, attention now turns to the Fed meeting minutes and Chair Powell’s upcoming speech.