MCX gold futures rise to ₹1.22 lakh/10 grams; silver also surges on steady safe-haven demand globally

On the MCX, the safe-haven metal contract for the February 2026 expiry stood at ₹1,23,300 per 10 grams, up ₹731 or 0.6%, as of around 1:34 pm.

Silver futures for December delivery were trading ₹1,260 or 0.85% higher at ₹1,49,547 per 10 grams, on the MCX.

The white metal snapped a nearly two-week losing streak, rising ₹817, or 0.55%, during the past week.

The rise in yellow metal futures was driven by modest safe-haven demand in international markets amid reports that US President Donald Trump may impose restrictions on the export of advanced artificial intelligence hardware to China.

"Remarks by US President Donald Trump indicating that his administration could curb exports of advanced AI technology to China lent some support to the bullion prices," an expert told PTI.

In the international markets, Comex gold futures for December delivery rose 0.27% to $4,007.45 per ounce, while silver futures surged by 0.66% to $48.48 an ounce.

In its latest Gold Demand Trends report, the World Gold Council (WGC) said investor demand continued to dominate in the third quarter.

Global gold demand increased as massive exchange-traded fund (ETF) inflows stood at over 222 tonnes, while bar and coin demand posted its fourth consecutive quarter exceeding 300 tonnes, as per the industry body WGC.

Meanwhile, the lengthy US government shutdown has delayed several key economic releases, including monthly jobs data, creating uncertainty in markets.

According to analysts, investors will closely focus on manufacturing and PMI data from key regions, China’s trade and growth numbers, and the US’s ADP non-farm payroll, consumer sentiment, and inflation expectations.

The ADP National Employment Report is a monthly report of economic data that tracks trends in the level of nonfarm private employment in the US.

“Also in focus will be the tariff hearing in the US Supreme Court on November 5, and any decision, positive or negative; markets may see a significant reaction,” PTI reported, quoting Pranav Mer, Vice President, EBG - Commodity & Currency Research, JM Financial Services Ltd, as saying.