Gold prices continued their rally on Monday, surging past the ₹1.23 lakh mark to reach fresh record highs in domestic markets. The rise comes amid renewed global economic concerns, escalating trade tensions between the US and China, and an ongoing US government shutdown that has heightened demand for safe-haven assets.
On the Multi Commodity Exchange (MCX), gold futures for December delivery jumped ₹2,613, or 2.15%, to a record ₹1,23,977 per 10 grams. The February 2026 contract also advanced ₹2,296 (1.87%) to trade near its lifetime high of ₹1,24,999 per 10 grams, after briefly touching ₹1,25,025 last week.
During the previous week, gold prices had already risen by ₹3,251 (2.75%), peaking at ₹1,23,677 per 10 grams before some profit-booking took place.
Silver, too, mirrored the bullish trend. Silver futures for December delivery climbed ₹5,856 (4%) to ₹1,52,322 per kilogram, nearing their previous record of ₹1,53,388 per kg. The March 2026 contract was up ₹4,992 (3.39%) at ₹1,52,011 per kg, compared to last week’s high of ₹1,54,959.
According to Aksha Kamboj, Vice President of the India Bullion and Jewellers Association (IBJA), “Uncertainty surrounding the prolonged US government shutdown remains a major factor. Domestically, the approaching Diwali festival could further boost gold demand as consumers return to the market.”
In the international market, gold futures for December delivery touched an all-time high of $4,096.06 per ounce, up over 2% on Monday. “Gold prices remain firm near record levels as intensifying US-China trade disputes and rising global economic instability push investors towards safe-haven assets,” said Jigar Trivedi, Senior Research Analyst at Reliance Securities.
The rally gained momentum after US President Donald Trump announced a 100% tariff on Chinese exports and new export restrictions on critical software, effective November 1. Additionally, the continued US government shutdown has deprived markets of key economic indicators, further fueling investor caution.
“Markets are now anticipating the Federal Reserve to implement 25 basis-point rate cuts at each of its remaining meetings this year,” Trivedi added.
Comex silver futures for December delivery also rose sharply by 4.65% to $49.44 per ounce, approaching last week’s record of $49.96 per ounce.
Rahul Kalantri, Vice-President of Commodities at Mehta Equities, noted that “a steep sell-off in global equities has boosted safe-haven buying in precious metals.”
Looking ahead, traders will closely monitor the upcoming US Consumer Price Index (CPI) inflation data and comments from Federal Reserve Chair Jerome Powell, scheduled for Tuesday, which could provide further direction for gold and silver prices in the near term.