Gold and silver prices touched fresh record highs on the MCX on Wednesday morning, supported by expectations of further interest rate cuts by the US Federal Reserve and continued weakness in the dollar. Gold futures moved higher to a new peak, while silver saw a sharp jump to its latest all-time high. In early trade, both metals remained firmly in the green, reflecting strong investor demand amid supportive global cues.
According to Founder & Director Kedia Advisory Gold prices moved higher, settling up 0.83% at Rs 1,37,885 after touching a fresh all-time high, supported by expectations of easier US monetary policy and rising geopolitical tensions. Markets are increasingly pricing in two 25-basis-point rate cuts by the US Federal Reserve next year as inflation cools and labour market conditions soften, with focus now on the second estimate of US Q3 GDP. Safe-haven demand was further boosted by tensions involving the US and Venezuela and renewed Russia–Ukraine disruptions. Central bank buying and steady ETF inflows remain supportive, with gold up nearly 70% year-to-date, its strongest annual performance since 1979.
Silver prices surged, settling 3.19% higher at Rs 2,19,653, driven by rising geopolitical risks and expectations of US rate cuts. Safe-haven demand strengthened amid uncertainty over US actions against Venezuelan oil shipments and disruptions at PDVSA. Silver is now up over 140% year-to-date, supported by strong industrial demand, investment inflows, and tight global supplies. Expectations of two Fed rate cuts next year continue to aid sentiment, while a persistent supply deficit and declining inventories keep the outlook firmly bullish.
✨ Key Highlights:
- Gold futures settle up 0.83% at Rs 1,37,885, marking nearly 70% gains year-to-date
- Silver jumps 3.19% to Rs 2,19,653, now up over 140% YTD
- Safe-haven demand rises amid US-Venezuela tensions and renewed Russia–Ukraine disruptions
- Central bank buying and ETF inflows continue to support prices
