Commodity Market Updates, October 6: Crude oil advances; Silver, Gold futures touch record highs

Gold futures

Gold prices on Monday, October 6, surged by ₹1,962 to a new record of ₹1,20,075 per 10 grams in the domestic futures trade, lifted by safe-haven buying amid the prolonged US government shutdown and growing bets on further Federal Reserve rate cuts.

On the Multi-Commodity Exchange (MCX), gold futures for December delivery appreciated by ₹1,962, or 1.66%, to a lifetime high of ₹1,20,075 per 10 grams.

Extending gains for the seventh consecutive session, the February 2026 contract advanced ₹2,032, or 1.7%, to scale a record ₹1,21,365 per 10 grams.

Last week, the yellow metal futures had surged ₹3,222 per 10 grams or 2.8%.

Analysts said the budget impasse in Washington, which has stalled key federal programmes and delayed the release of critical economic data, has intensified risk aversion and driven investors towards precious metals.

On the global front, Comex gold futures for December delivery surged 1.2% to a record $3,957.90 per ounce.

Silver futures

Silver futures also witnessed robust traction. The white metal for December delivery jumped ₹2,233, or 1.53%, to a fresh peak of ₹1,47,977 per kilogram. The March 2026 contract for silver futures rallied ₹2,337, or 1.59%, to ₹1,49,605 per kg.

Silver futures also witnessed a strong rally last week. It had bounced by ₹3,855 per kg or 2.72%.

In the international market, silver futures advanced over 1% to $48.47 per ounce, their highest since April 2011.

Aluminium futures

Aluminium prices rose 65 paise to ₹262.45 per kilogram in the futures trade as speculators built up fresh positions amid a positive trend in the spot market.

On the MCX, aluminium for delivery in November increased 65 paise or 0.25% to ₹262.45 per kg in 397 lots.

Analysts said fresh positions created by traders amid demand from consuming industries supported aluminium prices in the futures market.

Zinc futures

Zinc prices increased by 95 paise to ₹296.30 per kilogram in futures trade amid a pick-up in spot demand.

On the MCX, zinc contracts for November delivery traded higher by 95 paise or 0.32% at ₹296.30 per kg with a business turnover of 652 lots.

Marketmen said the widening of positions by participants, following a pick-up in demand from consuming industries, kept zinc prices higher in the futures trade.

Copper futures

Copper futures rose 1.03% to ₹1,004.70 per kilogram due to higher spot demand.

On the MCX, copper contracts for November delivery grew by ₹10.20 or 1.03% to ₹1,004.70 per kg in a business turnover of 1,400 lots.

Analysts attributed the rise in copper prices to higher bets by participants.

Crude oil futures

Crude oil prices on Monday advanced by ₹57 to ₹5,484 per barrel in futures trade as participants increased their positions following a firm spot demand.

On the MCX, crude oil for November delivery traded higher by ₹57 or 1.05% at ₹5,484 per barrel in 4,368 lots.

Analysts said participants raising bets kept crude oil prices higher in futures trading.

Globally, West Texas Intermediate crude was trading 1.31% higher at $61.68 per barrel, while Brent crude rose 1.29% to $65.36 per barrel in New York.