Gold at ₹1.13 lakh/10 gram in Delhi, ends near all-time high in futures trade: Check how the gold and silver prices changed this week

Gold rates hit a fresh peak on Friday, September 12, increasing by ₹700 to reach ₹1,13,800 per 10 gram in Delhi on the back of strong global demand and rising expectations of a rate cut by the US Federal Reserve on September 17. 

Silver prices in India also hit another record high, jumping by as much as ₹4,000 to reach ₹1,32,000 per kg. The white metal snapped its two-day losing streak with a mega jump after closing at ₹1,28,000 per kg on Thursday. 

Gold and silver have made remarkable jumps in 2025, rising by over 44% just this year. The yellow metal was at ₹78,950 per 10 gram on December 31, 2024, which marks an increase of 44.14% (₹34,150) when compared to Friday’s rates. 

Similarly, silver was at ₹89,700 per kg at the end of 2024, which means it has climbed 47.16% (₹42,300) against Friday’s closing prices. 

In the last five days, gold has grown by 5.69% (₹6,130) as compared to Monday’s closing price of ₹1,07,670 per 10 gram. Silver has jumped 4.76% (₹6,000) against Monday’s closing rate, as per association data. 

"The rally in precious metal prices is driven by recent US macroeconomic data that heightened expectations of multiple interest rate cuts by the Federal Reserve before the end of 2025, which encouraged buying activity in bullion," a PTI report quoted Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, as saying. 

Gold and silver futures

Gold futures for the October delivery hit their lifetime high of ₹1,09,840 per 10 gram on the Multi Commodity Exchange (MCX) on September 9. On Friday, September 12, the contracts ended 0.35% (₹389) up at ₹1,09,370 per 10 gram. In the past week, Gold October contracts gained 1.5% when compared to Friday’s closing prices. 

The December delivery futures also reached a fresh peak of ₹1,10,849 per 10 gram on the MCX on September 9. On September 12, the December futures ended 0.35% (₹387) higher at ₹1,10,434 per 10 gram. 

Silver futures for the December delivery, on the other hand, touched another lifetime high on Friday, hitting ₹1,29,392 per kg on the MCX. The contracts ended 1.4% (₹1,900) up at ₹1,28,838 per 10 gram. Over the last week, Silver December futures have jumped 3.3% as compared to Friday’s closing prices. 

International markets

"Gold stayed positive as Comex traded firm at USD 3,647, factoring in expectations of a Fed rate cut next week to support the US economy. Despite being in overbought territory, gold continues to enjoy a premium driven by tariff uncertainty and the de-dollarisation theme," the report quoted Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, as saying. 

Global investment bank Goldman Sachs said in a note that gold prices could soar to $5,000 per ounce if the US Fed’s independence comes under threat, as investors would move entirely from Treasuries to bullion.