Gold, silver futures hit lifetime highs on the MCX, rising by up to 2.1% on the first day of Navratri

Gold prices on Monday, September 22, jumped 1.2% to hit another lifetime high of ₹1,11,198 per 10 gram in the domestic futures market on the first day of Navratri. 

Gold futures for the October delivery added ₹1,351 on the Multi Commodity Exchange (MCX) as compared to the previous closing price of ₹1,09,847 per 10 gram on the back of firm global cues. 

At around 1:35 pm, the October contracts were trading 1.21% up at ₹1,11,171 per 10 gram with an open interest of 11,890 lots. 

Investors now await the upcoming US inflation data and comments from several Federal Reserve officials this week for further policy guidance and the yellow metal’s outlook. 

Gold futures for the December delivery climbed 1.19% (₹1,389) to ₹1,12,340 from the previous closing price of ₹1,10,951 per 10 gram on the MCX on Monday. 

The December contracts were trading 1.2% up at ₹1,12,331 per 10 gram at around 1:40 pm on the MCX on Monday with an open interest of 8,644 lots. 

Silver futures for December expiry, too, climbed to their record high of ₹1,32,665 per kg on the MCX, rising by 2.1% (₹2,827) from the previous closing price of ₹1,29,838 per kg. 

At around 1:40 pm, the Silver December contracts were trading 1.97% up at ₹1,32,390 per kg on the MCX. 

The white metal futures for March 2026 delivery also rose by 2.1% (₹2,793) to ₹1,33,929 per kg on the MCX against Friday’s closing rate of ₹1,31,136 per kg. At 1:41 pm on Monday, the contracts were trading 1.9% up at ₹1,33,729 per kg. 

As per market experts, weak currencies and subdued sentiment in the domestic equity markets provided a boost to bullion prices. 

International markets

In the global markets, gold futures increased by $26.82, or 0.72% to $3,732.62 per ounce. Last week, it rose to hit a lifetime high of $3,744 per ounce.

"Gold prices edged up to hover near record levels, as investors looked ahead to key US inflation data and comments from several Federal Reserve officials this week for further policy guidance," a PTI report quoted Jigar Trivedi, Senior Research Analyst at Reliance Securities, as saying.

The US Federal Reserve delivered its first rate cut of the year last week and signalled further reductions ahead as the labour market weakens.

"Markets currently imply two more reductions this year, one in October and another in December, with expectations of continued monetary policy easing providing a major boost to bullion's 40 per cent surge so far this year," Trivedi said.

Gold has also been supported by safe-haven demand amid ongoing geopolitical tensions and concerns over the economic impact of President Donald Trump's tariffs, alongside robust central bank buying and sustained ETF inflows, he added.

Silver futures for December delivery were trading 2.17% higher at $43.88 per ounce.

"Silver has been carving out a more aggressive trajectory than gold, driven by investment flows, solar panel demand and industrial use in electric vehicles, 5G infrastructure and battery storage," the PTI report quoted Riya Singh, Research Analyst, Commodities and Currency, Emkay Global Financial Services, as saying. 

Supply growth has been muted, leaving the market vulnerable to disruptions, she added.