Gold prices in Lucknow rose sharply on Monday, hitting new records in line with the international uptrend. The surge came as growing economic uncertainty and expectations of further US rate cuts drove investors towards safe-haven assets.
In the Uttar Pradesh capital, 22-karat gold was priced at Rs 11,085 per gram, while 24-karat gold stood at Rs 12,092 per gram. The domestic rally coincided with record-breaking moves in global and futures markets, with the yellow metal crossing Rs 1.20 lakh per 10 grams for the first time.
Gold Futures Hit Lifetime Peaks
On the MCX, gold futures for December delivery surged by Rs 1,962, or 1.66 per cent, to a record Rs 1,20,075 per 10 grams. The February 2026 contract extended its winning streak to seven sessions, rising Rs 2,017, or 1.69 per cent, to a new all-time high of Rs 1,21,350 per 10 grams.
Last week, gold had already gained Rs 3,222 per 10 grams, up 2.8 per cent, supported by dovish central bank signals and a softer dollar. Analysts highlighted that the ongoing US government shutdown and intensifying geopolitical risks have further boosted bullion’s appeal.
“Physical demand for gold remained mixed, with softness in China offset by steady buying in other Asian markets, anticipating further price gains,” said Manav Modi of Motilal Oswal Financial Services. He added that SPDR Gold Shares, the largest gold-backed ETF globally, saw rising holdings over the past week, a sign of sustained investor confidence.
Silver Surges, Global Cues Stay Supportive
Silver futures also joined the rally. On the MCX, silver for December delivery jumped Rs 2,233, or 1.53 per cent, to hit Rs 1,47,977 per kg, while the March 2026 contract spiked Rs 2,337, or 1.59 per cent, to a record Rs 1,49,605 per kg.
Globally, Comex gold futures climbed nearly 2 per cent to $3,973.60 per ounce, while Comex silver touched $48.58 per ounce, its highest in over a decade. Analysts said growing market uncertainty, delayed US data releases, and expectations of upcoming Federal Reserve rate cuts are key factors behind the rally.
“The budget impasse in Washington has intensified risk aversion, with investors rushing to gold and silver,” noted Jigar Trivedi of Reliance Securities. He added that markets are “now almost fully pricing in a quarter-point rate cut this month and another in December.”
With tightening global silver supply, the Silver Institute projecting a fifth straight deficit year, analysts expect the white metal to test the psychological $50 per ounce level soon.
