MCX gold futures rally to fresh peak at ₹1.24 lakh/10 grams on festive demand; Silver advances

Gold prices are expected to remain volatile during the week as traders weigh domestic festive demand and physical market premiums against key macroeconomic data releases and political developments in the US, analysts told PTI.

On the MCX, the safe-haven metal for the February 2026 expiry advanced to trade at a new record high of ₹1,25,166 per 10 grams.

Last week, gold prices rallied by ₹3,251, or 2.75%, hitting a record of ₹1,23,677 per 10 grams on Thursday. However, the rally appeared to take a temporary breather towards the week's close on the MCX.

On Friday, gold prices (24K, 99.9% purity) retreated from their record highs, falling by ₹600 to ₹1,26,000 per 10 grams in Delhi.

On the international front, Comex gold futures for December delivery closed marginally higher at $4,000.4 per ounce, after hitting $4,081 during midweek trading. Spot gold also rose by 1.06% to $4,018.30 per ounce before reaching a record $4,059.34 per ounce.

Meanwhile, silver extended its historic rally, though with elevated volatility, on the MCX. Silver prices for December delivery rose by ₹722, or 0.49% in the past week, touching an all-time high of ₹1,53,388 per kilogram on Thursday. Today, the contract rallied ₹5,856 or 4% to surge and trade near its record high at ₹1,52,322 per kilogram.

The white-metal contracts for the March 2026 expiry grew by ₹4,992 or 3.39% to ₹1,52,011 per kilogram.

Globally, Comex silver futures for December delivery hit a high of $49.96 per ounce on Friday, while spot silver briefly breached $51 per ounce on Thursday before retreating to close at $50.29 per ounce.

Investors will also closely monitor commentaries by Federal Reserve officials, including Chair Jerome Powell, on Tuesday, which will provide more cues on the trajectory of gold prices in the near term.