Gold Prices Hit New Record: ₹86,760 For 8 Grams
Gold prices touched fresh record highs in India on Tuesday, with the rate for 8 grams reaching ₹86,760. The price for one gram stood at ₹10,845, while the most widely tracked 10-gram benchmark climbed to a new all-time high of ₹1,17,561 on the Multi-Commodity Exchange (MCX) December futures contract.
At around 10:15 am, MCX Gold was trading 1.01 per cent higher at ₹1,17,524 per 10 grams, while MCX Silver December futures were up 0.67 per cent at ₹1,44,064 per kilogram, having also touched a lifetime high of ₹1,44,200 earlier in the day.
The surge in gold and silver prices is being fuelled by a mix of global and domestic factors. Market analysts pointed to strong spot demand, heavy buying by central banks, and a sharp rise in retail interest.
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Hopes of a rate cut by the US Federal Reserve have further lifted sentiment, as lower interest rates typically increase the appeal of non-yielding assets like gold. The weakness of the US dollar, coupled with growing geopolitical uncertainties and fears around trade policies, has also added to the rally. According to experts, many investors see gold and silver as safe-haven assets during times of economic and political volatility.
Internationally, too, bullion prices broke fresh records. Reuters reported that global gold rates surged past $3,800 per ounce, marking the best monthly performance in nearly 14 years.
The rise is being linked to concerns about a possible US government shutdown and widespread expectations that the Fed may cut rates sooner rather than later. The rally is sharper in India due to the depreciation of the rupee and strong domestic demand ahead of the festive and wedding season.
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In recent days, MCX Gold December futures had already breached the ₹1,15,939 level, but Tuesday’s move firmly established a new record. Silver, which has both industrial and investment demand, has mirrored gold’s strength and continues to gain momentum.
Analysts caution, however, that while the uptrend remains intact, volatility is expected in the coming weeks depending on global cues. For jewellery buyers and households, the soaring prices may dampen purchases, but for investors, experts suggest that dips could still present an opportunity to accumulate.
