Gold futures surge to lifetime high of ₹1.24 lakh for ninth session, silver above ₹1.47 lakh/kg

Gold futures for February 2026 delivery soared ₹1,445 or 1.18% to reach a lifetime high of ₹1,23,829 per 10 grams on the Multi-Commodity Exchange (MCX) on Wednesday, October 8, extending gains for the ninth consecutive day.

The strong rally in the yellow metal futures comes on the back of the risk of an ongoing US government shutdown and expectations of additional rate cuts by the Federal Reserve.

On the MCX, the safe-haven metal for December delivery was trading near its record high, at ₹1,22,540 per 10 grams, up ₹1,429 or 1.18%. On Tuesday, the contract touched a lifetime peak of ₹1,20,900 per 10 grams.

On Tuesday, the domestic gold price in Delhi jumped ₹700 to hit a record high of ₹1,24,000 per 10 grams. Furthermore, gold of 99.5% purity appreciated by ₹700 to hit a lifetime peak of ₹1,23,400 per 10 grams (inclusive of all taxes) in the local bullion market, according to the All India Sarafa Association.

Silver futures for December delivery advanced as much as ₹2,055 or 1.41% to trade at ₹1,47,847 per kilogram on the MCX.

The white metal contract from the March 2026 delivery soared ₹1,908 or 1.29% to trade at ₹1,49,423 per kg. The metal hit its record high on Monday, reaching a peak of ₹1,49,605.

On Tuesday, silver prices in the national capital retreated from their all-time high level and plunged ₹3,400 to ₹1,54,000 per kilogram (inclusive of all taxes).

Driving these rallies is the uncertainty that the US government shutdown has reached its eighth day, disrupting key federal programmes and delaying the release of crucial economic data, including the September jobs report.

Additionally, the rising expectations of two Federal Reserve rate cuts this year further strengthened demand for the yellow metal.

In August, central bank gold buying rebounded as global reserves grew by 15 tonnes, as per data from the World Gold Council (WGC).