MCX gold futures soar to ₹1.21 lakh/10 grams; Silver futures advance on Oct 10

Gold futures for December delivery surged as much as ₹857 or 0.7% to ₹1,21,350 per 10 grams on the Multi-Commodity Exchange (MCX) on Friday, October 10. While the contract was trading lower in the first half on Thursday, it bounced back and reached a new lifetime high of ₹1,23,677 per 10 grams.

On the MCX, the safe-haven metal for February 2026 expiry, however, was trading ₹849 or 0.7% higher at ₹1,22,636 per 10 grams. On October 9, the contract had surged to a fresh record high of ₹1,25,025 per 10 grams, extending gains for the tenth session straight.

On Thursday, domestic gold prices (24K, 99.9% purity) remained stable at their lifetime high of ₹1,26,600 per 10 grams in New Delhi. At the same time, the yellow metal of 99.5% purity was also steady at ₹1,26,000 per 10 grams, according to the All India Sarafa Association.

In the international market, gold crossed the psychological $4,000-per-ounce mark for the first time on October 8.

According to commodities market experts, US President Donald Trump on Wednesday announced that Israel and Hamas had agreed on the first phase of his 20-point peace plan following talks in Egypt.

This development prompted traders to book profits, weighing on the bullion prices on Thursday, with gold futures trading negatively during the first half of the day. However, the bullion bounced back and surged to new all-time highs.

On the MCX, silver futures for December delivery advanced as much as ₹2,175 or 1.49% to ₹1,48,499 per kilogram on Friday, a day after hitting a record high of ₹1,53,388 per kilogram.

The white-metal contracts for the March 2026 expiry declined by ₹2,335 or 1.58% to trade at a low of ₹1,45,800 per kilogram. On Thursday, the future had soared to a high of ₹1,54,959 per kilogram.

Prolonged US government shutdown, robust safe-haven demand, and central bank purchases are fueling the dream run of precious metals gold and silver, with the white metal breaching the historic high of $50 an ounce on October 9, analysts told PTI.

Meanwhile, minutes from the US Federal Reserve's September meeting, released on Wednesday, showed near unanimity among participants in favour of lowering interest rates amid concerns over labour market risks.

However, policymakers remained divided on whether one or two more rate cuts would be appropriate before the year-end. The US government shutdown has entered its tenth day, keeping the dollar subdued and providing support to commodities, including gold and silver.