Gold futures hit all-time high above ₹1.35 lakh/10 grams; Silver also touches record high

In the international market, Comex gold (for January expiry) hit an all-time high of $4,425 per ounce, bolstered by expectations of a further US Federal Reserve rate cut in the upcoming meeting in January.

Similarly, on the MCX, the safe-haven contract for the April expiry advanced by ₹1,894 or 1.38% to a record high of ₹1,38,999 per 10 grams on Monday. Over the past week, gold futures on the MCX rose ₹574, or 0.43%.

Silver futures for March delivery zoomed as much as ₹6,144 or 2.95% to a lifetime high of ₹2,14,583 per kilogram on the MCX.

Globally, Comex silver (January expiry) touched an all-time high of $69 per troy ounce.

White metal contracts for the May expiry touched a record high of ₹2,17,591 per kilogram. On the MCX, the white metal zoomed ₹15,588, or 8.08%, during the past week. This year, the white metal has outperformed gold.

Meanwhile, US inflation data released last week showed that consumer price inflation for November slowed to 2.7%, below market expectations of 3.1%, while core CPI eased to 2.6%, its slowest pace since March 2021. This further reaffirmed the possibility of a rate cut in the next Federal Reserve meeting.

According to CME Group’s Fedwatch, investors are betting on a 77.9% probability that the Federal Reserve will opt for a quarter-point rate cut during its first meeting of 2026 in January.

This week, investors will be on the lookout for the release of key US macroeconomic data, including key GDP numbers, US housing data, core durable goods and consumer confidence figures.