Gold futures climb nearly ₹800 to ₹1,02,250/10 gm, soar to another lifetime high; yellow metal jumps over 2.5% this week

Gold prices on Friday, August 8, jumped ₹782 to another lifetime high of ₹1,02,250 per 10 gram in futures trade due to global dynamics and rising local demand, as per Multi Commodity Exchange (MCX) data. 

After touching an all-time high of ₹1,02,155 per 10 gram on Thursday, gold October futures (expiry on October 3, 2025) jumped to a fresh high on Friday, rising by 0.77% against the previous close of ₹1,01,468 per 10 gram. 

Last week, gold October contracts closed at ₹99,754 per 10 gram on Friday, August 1. Over the week, gold prices have increased by over 2.5% on the MCX to reach a lifetime high during the session today. 

At around 6:30 pm on Friday, gold October contracts were trading ₹287 (0.28%) up at ₹1,01,755 per 10 gram. 

GoldM (Mini Gold Futures Contracts with September 5, 2025 expiry) also peaked at ₹1,01,584 per 10 gram on Friday after closing at ₹1,00,835 per 10 gram on Thursday. The trading unit of these contracts is 100 gram. Around 6:30 pm, GoldM futures were trading ₹376 (0.37%) up at ₹1,01,211 per 10 gram. 

Further, the December contracts also rallied ₹849 (0.83%) to a lifetime high of ₹1,03,195 per 10 gram on the MCX. 

Domestic gold prices participated in the bull run with the same tone as well, rising by ₹800 to hit a new record high of ₹1,03,420 per 10 gram in Delhi, as per a PTI report citing All India Sarafa Association data. On Thursday, gold prices in Delhi touched the previous lifetime high of ₹1,02,620 per 10 gram. 

Gold of 99.5% purity surged to reach a peak of ₹1,03,000 per 10 gram on Friday. 

Spot gold is trading flat at $3,388.56 per ounce in New York, after hitting a record high of $3,500.33 per ounce during the day, rising by as much as $104.02 (3.06%). 

"Gold reached a fresh high above $3,500, with the Bank of England lowering interest rates for the sixth time this year and jobless claims increasing more than anticipated this week," a PTI report quoted Renisha Chainani, Head Research at Augmont, as saying.

Key factors driving gold demand and prices

Gold is a safe-haven asset, which means that its prices rise during market volatility and uncertain global dynamics. Investors turn towards gold when other investments like equities and currencies turn risky. Currently, these factors are fuelling gold’s bull run:

Central banks globally are set to buy 1,000 tons of gold in 2025, making this their fourth year of significant gold purchases, aimed at diversifying reserves, a Reuters report said in June, citing consultancy Metals Focus.

With expectations that the US Federal Reserve will lower interest rates in September on weak US macroeconomic data, the outlook for gold in the coming months seems strong. The yellow metal could continue its upward trajectory, especially as the US-India trade deal appears to be off the table for now.   

Silver prices

Silver futures for September expiry hit an intraday high of ₹1,15,876 per kg on the MCX on Friday, August 8. At around 6:35 pm, Silver September contracts were trading ₹539 (0.47%) up at ₹1,14,825 per kg. 

Domestic silver prices rallied ₹1,000 to ₹1,15,000 per kg in Delhi on Friday after settling at ₹1,14,000 per kg on Thursday, the PTI report said. In the last five trading sessions, silver prices have increased by ₹5,500 per kg.