Gold and silver surged to record levels on Tuesday, reflecting global gains as geopolitical tensions and expectations of US rate cuts strengthened safe-haven demand. On the Multi Commodity Exchange (MCX), December gold futures advanced Rs 2,301, or 1.84 per cent, to reach 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.
Manav Modi of Motilal Oswal Financial Services said, “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.”
Silver futures for December delivery rose Rs 8,055, or 5.2 per cent, to Rs 1,62,700 per kilogram. March 2026 contracts jumped Rs 9,257, or 6 per cent, to Rs 1,63,549 per kilogram on MCX.
Global Trends and Investor Sentiment
Internationally, Comex gold reached $4,190.67 per ounce, a new record, while silver futures advanced to $52.49 per ounce, marking all-time highs. Factors driving these gains include geopolitical uncertainty, expectations of US rate cuts, central bank purchases, and strong ETF inflows.
Concerns deepened after China announced rare-earth export controls, prompting threats of steep US tariffs. The ongoing US federal government shutdown has also added to global uncertainty. Jigar Trivedi, Senior Research Analyst at Reliance Securities, said investors await Federal Reserve Chair Jerome Powell’s comments at the NABE annual meeting to gauge the central bank’s rate-cut trajectory.
Lucknow Gold Rates Today
In Lucknow, gold rates have surged ahead of Dhanteras. The current price for 22-karat gold stands at Rs 11,810 per gram, while 24-karat gold is priced at Rs 12,883 per gram. Analysts note that amid economic volatility, gold remains a preferred asset for financial security and wealth protection.
