MCX gold soars to all-time high at nearly ₹1.27 lakh/10 gram, Silver also at record level on supply squeeze

On the MCX, the safe-haven futures for February 2026 expiry crossed the ₹1.28 lakh mark, advancing ₹2,272 or 1.81% to a new all-time high of ₹1,28,042 per 10 grams.

On Monday, domestic gold prices rallied by ₹1,950 to hit a fresh peak of ₹1,27,950 per 10 grams in New Delhi, according to the All India Sarafa Association. In addition, gold of 99.5% purity jumped by ₹1,950 to touch an all-time high of ₹1,27,350 per 10 grams (inclusive of all taxes).

Late on October 13, gold prices advanced to a fresh peak of $4,116.77.

The US administration's announcement of a 100% tariff hike on select Chinese products starting November 1, coupled with China's threat to restrict rare earth exports, has heightened global uncertainty and risk aversion.

However, US President Donald Trump later signalled openness to negotiate ahead of a possible meeting with President Xi Jinping later this month, saying that trade relations with China will all be fine.

Silver prices

On the MCX, silver futures for December expiry grew as much as ₹7,412 or 4.79% to a fresh lifetime high of ₹1,62,057 per kilogram, driven by a tightening physical silver supply in London and on expectations that the Federal Reserve will cut rates by 25 basis points (bps) later this month and again in December.

The white-metal futures for March 2026 delivery also rose to a new record high of ₹1,63,549 per kilogram, up ₹9,257 or 6% on the MCX.

Spot silver soared past the $53 per ounce mark, reaching a new peak on October 14.