MCX gold soars to lifetime high over ₹1.38 lakh/10 grams; Silver futures at record high for 4th straight day

Similarly, yellow metal contracts for the April expiry gained as much as ₹919 or 0.65% to a lifetime high of ₹1,42,125 per 10 grams.

Silver futures, too, maintained their upward momentum for the fourth consecutive day.

On the MCX, silver futures for March delivery surged as much as ₹4,234 or 1.93% to an all-time high of ₹2,23,887 per kilogram. White metal contracts for the May expiry increased as much as ₹4,561 or 2.04% to a record high of ₹2,28,051 per kilogram.

In the international market, precious metals, Comex gold and Comex silver (both for expiry in January), reached their lifetime highs of $4,536.7 per ounce and $72.2 per troy ounce, respectively.

On Tuesday, the delayed US GDP data for the third quarter showed a 4.3% year-on-year (YoY) increase, the fastest in two years, which cooled the expectations of a US Federal Reserve rate cut in January. However, as per media reports, investors are expecting rate cuts in 2026.

This week, investors will also be eyeing the release of other key US macroeconomic data, including US housing data, core durable goods and consumer confidence figures.

Safe-haven demand for bullion has also been supported by rising tensions between the US and Venezuela, after Washington intensified its naval blockade of the region, seizing a second oil tanker on Saturday and pursuing a third.

According to the World Gold Council, Central Banks ramped up gold buying in October, aggregating to 53t (+36% m/m) and continued the strong trend seen throughout the year, which also added to the rally in precious metals.