NEW DELHI– Gold and silver prices surged to fresh all-time highs on Monday, lifted by geopolitical uncertainty, U.S. tariff concerns, and rising bets on an imminent Federal Reserve rate cut.
According to the India Bullion and Jewellers Association (IBJA), 24-carat gold climbed ₹1,699 to ₹1,08,037 per 10 grams, while 22-carat gold rose to ₹98,962 from ₹97,406. Eighteen-carat gold was quoted at ₹81,028, up from ₹79,754.
Silver also spiked, gaining ₹1,243 to reach a record ₹1,24,413 per kilogram.
The rally extended to futures markets. On the Multi Commodity Exchange (MCX), gold for October delivery rose 0.39 percent to ₹1,08,147, while December silver contracts advanced 0.70 percent to ₹1,25,569. Globally, Comex gold edged up 0.20 percent to $3,660.42 an ounce, with silver climbing 0.87 percent to $41.91.
“Gold took positive cues with gains of $28 on Comex and ₹300 on MCX, after last week’s weak Non-Farm Payrolls data strengthened expectations of a Fed rate cut in the upcoming meeting,” said Jateen Trivedi, Vice President at LKP Securities.
Trivedi added that tariff uncertainty, combined with firm expectations of easier monetary policy, continues to underpin bullion prices. He pegged near-term support for gold at $3,560/₹1,06,500, with resistance at $3,650/₹1,09,500.
Traders are now eyeing U.S. CPI and Core CPI data due this week, which could set the tone for volatility in precious metals. (Source: IANS)
