NEW DELHI– Gold and silver soared to fresh record highs on Wednesday, continuing a rally fueled by both domestic demand and global market jitters.
Data from the India Bullion and Jewellers Association (IBJA) showed that 24-carat gold reached Rs 1,06,021 per 10 grams in evening trade, up sharply from Rs 1,04,424 a day earlier. The 22-carat variety rose to Rs 97,115 per 10 grams from Rs 95,652, while 18-carat gold climbed to Rs 79,516 from Rs 78,318.
Silver prices also gained ground, touching Rs 1,23,220 per kilogram compared to Rs 1,22,833 on Tuesday.
The surge extended into futures trading as well. On the Multi Commodity Exchange (MCX), gold for October 3, 2025 delivery rose 0.62 percent to Rs 1,06,447, while silver for December 5, 2025 delivery advanced 0.27 percent to Rs 1,24,863.
Globally, the bullish momentum was mirrored on Comex, where gold was up 0.63 percent at $3,615.00 per ounce and silver gained 0.41 percent to $41.24 per ounce.
Analysts attribute the upswing to a combination of central banks reshaping foreign exchange reserves, persistent inflationary pressures, and geopolitical uncertainty.
“Gold extends beyond being only a hedge against inflation, as the U.S. Federal Reserve is on the verge of cutting interest rates amid hotter inflation. The uncertainty over President Donald Trump’s tariff policies continues to lend support to gold. The pace of this rally sends cautious signals to investors,” said N.S. Ramaswamy, Head of Commodity Desk and CRM at Ventura.
Ramaswamy added that investor confidence in the U.S. dollar is waning while safe-haven demand for gold remains strong. “In this hot gold rally, profit booking wouldn’t come up soon. We expect gold futures to rally further in the range of $3,600–$3,680, with dips staying elevated at $3,450–$3,500,” he said. (Source: IANS)
