Gold rate today: surged sharply on Tuesday, climbing ₹1,217 to a new all-time high of ₹1,17,561 per 10 grams in the domestic futures market, mirroring strong gains overseas.
The rally was fueled by investor concerns over a potential US government shutdown and growing expectations of further interest rate cuts by the Federal Reserve.
On the MCX, December futures advanced for the fourth consecutive session, rising ₹1,217 or 1.04% to touch a record high of ₹1,17,561 per 10 grams. Likewise, the February 2026 contract jumped ₹1,314 or 1.12%, marking a fresh lifetime high of ₹1,18,788 per 10 grams.
Silver surged to new highs on Tuesday, with December futures rising by ₹1,101, or 0.77%, to reach an all-time peak of ₹1,44,200 per kilogram on the Multi Commodity Exchange (MCX).
“Gold and silver extended its gain and continue it super bullish momentum at the start of the week. Precious metals prices climbed to a record high, driven by safe-haven demand amid concerns over a potential US government shutdown and expectations of further Federal Reserve rate cuts. Talks between President Trump and Congress failed to secure short-term funding, raising the likelihood of a shutdown and possible delays in key economic data, including the September nonfarm payrolls report. Additional US tariffs on trucks, patented drugs, and other items set to take effect added to market jitters. The dollar index is trading below 98 marks and also supporting gold and silver prices,” said Rahul Kalantri, VP Commodities, Mehta Equities Ltd.
The Reserve Bank of India (RBI) commenced its three-day Monetary Policy Committee (MPC) meeting on September 29, which will wrap up on Wednesday, October 1, 2025.
“More rate cuts could weigh further on narrowing interest-rate differentials with the US and reduced risk premia, and pressure the already-weak Rupee. However, India’s relative loss of export competitiveness vs EM Asia, amid higher tariffs and especially now with services coming in the trade war ambit, would, in principle, warrant some adjustment via a weaker currency vs peers. Such depreciation would act as a natural stabilizer for a weaker CAD, rather than being misread as a rate-easing deterrent,” said Emkay Global Financial Services in a note.
What should be your gold trading strategy?
According to Aksha Kamboj, Vice President, India Bullion & Jewellers Association (IBJA) and Executive Chairperson, Aspect Global Ventures, the investment mood in India has decidedly turned bullish on bullion. are currently benefitting from the pressures of global safe-haven demand and a weakening rupee.
“The upward trend is consistent with gold futures pushing to new highs and receiving inflows into gold ETFs, as the recent market watch explained. The price has moved up from more recent levels, indicating clear appreciation. Analysts recommend that, unless global monetary policy surprises or dollar strength returns, the price of gold should remain in its recent elevated range,” Kamboj said.
Rahul Kalantri of Mehta Equities further said, “Gold has support at $3830-3810 while resistance at $3872-3895. Silver has support at $46.60-46.30 while resistance is at $47.35-47.70. In INR gold has support at Rs1,15,000-1,14,680 while resistance at Rs1,15,550-1,15,700. Silver has support at Rs1,42,450-1,41,850 while resistance at Rs1,43,950, 1,44,800.”
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.