Kolkata witnessed record-breaking gold prices on Tuesday as futures extended their winning streak for the fourth day in a row. Riding on global cues, domestic gold contracts surged to fresh lifetime highs on the MCX, while silver also touched new peaks.
December gold futures jumped Rs 1,217 or 1.04 per cent to reach Rs 1,17,561 per 10 grams. Meanwhile, the February 2026 contract gained Rs 1,314 or 1.12 per cent, closing at Rs 1,18,788 per 10 grams. Silver was equally buoyant, with December contracts climbing Rs 1,101 or 0.77 per cent to Rs 1,44,200 per kilogram. March 2026 contracts rose further to Rs 1,45,858 per kg, an increase of Rs 1,127 or 0.78 per cent.
Fed Expectations and Tariff Worries Lift Precious Metals
Experts attribute the surge to global macroeconomic conditions and safe-haven flows. “Gold and silver extended their bullish momentum as safe-haven demand surged amid concerns over a potential US government shutdown, and additional tariff measures, coupled with expectations of further Fed rate cuts, are driving precious metal prices higher,” said Rahul Kalantri of Mehta Equities Ltd.
Internationally, bullion has been equally strong. December gold futures touched $3,895.22 per ounce, up more than 1 per cent, while silver inched higher to $47.41 per ounce. “Gold prices rose to a fresh record high of USD 3,895 per ounce, heading for their biggest monthly gain in 14 years, as investors rushed to safe-haven assets amid mounting concerns over a looming US government shutdown,” noted Jigar Trivedi of Reliance Securities.
So far in September, gold futures have risen by over 11 per cent, with significant inflows into gold ETFs reflecting investors’ appetite for security. “Gold exchange-traded funds attracted USD 10.5 billion in September, lifting total inflows this year to about USD 50 billion, as investors piled into the safe-haven asset amid global economic and political uncertainty,” added Renisha Chainani of Augmont.
Gold Rate in Kolkata Today
Retail prices in Kolkata on Tuesday stood at Rs 10,845 per gram for 22-karat gold and Rs 11,831 per gram for 24-karat gold (999 purity). The spike comes as families in the city prepare for the festive season, traditionally a time of heightened jewellery purchases.
Meanwhile, political uncertainty in the US continued to weigh on global sentiment. With talks between President Trump and congressional leaders failing, the prospect of a shutdown looms large. The standoff could disrupt the release of key data, including employment figures. At the same time, new tariffs on trucks and pharmaceuticals will further complicate the outlook.
“Last week, the US macroeconomic data reinforced bets that the Federal Reserve could deliver additional rate cuts at its two remaining meetings this year,” Trivedi explained.
For Kolkata’s gold buyers, the surge reflects both opportunity and caution. While record-high prices demonstrate strong investment demand, they also present challenges for retail consumers during peak buying season.
