Gold and silver prices on Tuesday reached new all-time highs in the domestic market, following global trends as investors sought safe-haven assets amid escalating US-China trade tensions and anticipated US rate cuts. December gold futures on the Multi Commodity Exchange (MCX) jumped Rs 2,301, or 1.84 per cent, to a record Rs 1,26,930 per 10 grams. February 2026 contracts climbed Rs 2,450, or 1.94 per cent, touching Rs 1,28,220 per 10 grams.
“Gold prices climbed to a record high as renewed US-China trade tensions exacerbated broader uncertainty, bolstering safe-haven demand, while the prospects of interest rate cuts by the Federal Reserve lent support, with silver also reaching an all-time peak,” said Manav Modi, Analyst – Precious Metal, Motilal Oswal Financial Services.
Silver futures followed suit, with December contracts rising Rs 8,055, or 5.2 per cent, to Rs 1,62,700 per kilogram, and March 2026 futures jumping Rs 9,257, or 6 per cent, to Rs 1,63,549 per kilogram.
International Markets and Geopolitical Risks
Globally, Comex gold for December delivery climbed to $4,190.67 per ounce, marking a 60 per cent gain year-to-date. Silver futures reached $52.49 per ounce, another all-time high. Factors underpinning these gains include geopolitical tensions, expectations of US rate cuts, strong central bank purchases, and ETF inflows.
Geopolitical risks intensified following China’s rare-earth export controls, prompting US tariff threats. The 13-day-long US federal government shutdown has also contributed to uncertainty. Jigar Trivedi, Senior Research Analyst at Reliance Securities, said investors are keenly awaiting remarks from Federal Reserve Chair Jerome Powell at the NABE annual meeting for clarity on the central bank’s rate-cut outlook.
Kolkata Gold Rates Today
Ahead of Dhanteras, gold in Kolkata has surged to record highs. The current rates are Rs 11,795 per gram for 22-karat gold and Rs 12,868 per gram for 24-karat gold. Analysts emphasise that in periods of market swings and economic uncertainty, gold continues to be a preferred option for wealth preservation and long-term financial security.
