Gold soars to fresh peak of ₹1.20 lakh/10g in Delhi amid festive demand; silver hits lifetime high of ₹1.5/kg

Gold prices on Tuesday, September 30, climbed yet again, rising by ₹500 to ₹1.2 lakh per 10 gram in Delhi on a weak dollar and hopes for another rate cut by the US Federal Reserve. 

The yellow metal of 99.9% purity (24K) rallied ₹1,500 on Monday to close at ₹1,19,500 per 10 gram, as per data by the All India Sarafa Association. 

Gold of 99.5% purity also rose by ₹500 to hit ₹1,19,400 per 10 gram in the local bullion market in the national capital after settling at ₹1,18,900 per 10 gram in the previous market session. 

Silver prices also soared ₹500 to a lifetime high of ₹1,50,500 per kg on Tuesday after surging by as much as ₹7,000 on Monday to ₹ 1,50,000 per kg. 

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading down by 0.1% at 97.80, fuelling the bullion prices further. 

The bullion prices in the overseas markets retreated from record highs to trade lower as investors booked profits on elevated levels.

Spot gold fell 0.55% to $3,813.14 per ounce after hitting a record high of $3,871.72 per ounce in the intraday session. Spot silver dipped 1.51% to trade at $46.22 per ounce in the overseas markets.

"The yellow metal hit a fresh record high of $3,871 per ounce and is currently trading with a loss at USD 3,818 per ounce as traders booked profits on elevated levels," a PTI report quoted Praveen Singh, Head of Commodities and Currencies at Mirae Asset ShareKhan, as saying. 

Gold and silver futures

Gold futures for the December expiry jumped 1.2% (₹1,444) to a record high of ₹1,17,788 per 10 gram on the Multi Commodity Exchange (MCX) on Tuesday, rising from Monday’s closing price of ₹1,16,344 per 10 gram. 

Contracts for the October delivery also soared 1.25% (₹1,452) to a lifetime high of ₹1,16,900 per 10 gram from ₹1,15,448 per 10 gram on Monday. 

Silver futures for the December delivery followed suit, rising by 0.8% from ₹1,43,099 per kg on Monday to a fresh peak of ₹1,44,330 per kg on the MCX on Tuesday. 

"Gold traded volatily ahead of key US data releases, including ADP nonfarm employment change, and Friday's nonfarm payrolls with unemployment figures. Profit booking by market participants also added volatility in the gold and silver futures," the PTI report quoted Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, as saying. 

In the overseas markets, gold futures fell by 0.38% to $3,840.50 per ounce. The yellow metal for December delivery had jumped to a record of $3,899.15 per ounce during the session.

Silver futures for December delivery were trading 1.49% lower at $46.31 per ounce after hitting a high of $47.41 per ounce.

Gold prices have been on the rise due to many reasons this year, including market fluctuations, rising geopolitical tensions, central bank gold buying and weak currencies. Silver too rises in geopolitical turmoil, but the increasing industrial demand for the white metal has also been boosting its prices in 2025.