Gold price today: The rates of gold and silver jumped to fresh record highs in intraday trade on Monday, October 6, driven by strong spot market demand ahead of Diwali, along with positive global cues.
MCX Gold December futures jumped to a fresh high of ₹1,19,490 per 10 grams, while MCX Silver’s December contracts scaled a fresh peak of ₹1,47,700 per kg.
Around 9:20 am, the December contracts of MCX Gold were trading 1.17 per cent higher at ₹1,19,490 per 10 grams, while MCX Silver was 1.10 per cent up at ₹1,47,344 per kg.
In international markets, gold surpassed the $3,900-an-ounce level for the first time on Monday, driven by safe-haven demand amid a US government shutdown. Expectations of further rate cuts by the US Federal Reserve remain a key positive factor.
Why are gold prices rising?
Spot gold prices in India have surged over 50 per cent this year so far. There are multiple factors behind the recent rise in gold prices. The biggest is the uncertainty surrounding US President Donald Trump’s tariff and immigration policies, which have raised concerns about their impact on global economic growth.
Another key factor is the expectations of further rate cuts by the US Federal Reserve this year. The weakening of the US dollar, aggressive buying by central banks in China and India, and strong spot market demand are also contributing to higher gold prices.
“Gold and silver may remain on an upward trajectory amid global uncertainty, US Fed rate cut expectations and the dollar’s weakness. Gold and silver may touch the levels of ₹1,20,000 per 10 grams and ₹1,50,000 per kg on the MCX by the end of 2025,” said Anuj Gupta, A SEBI-registered analyst.
(This is a developing story. Please check back for fresh updates.)
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Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
