New Delhi: In a remarkable turn of events, gold and silver prices have regained their luster in the domestic futures market, driven by a resurgence in investor interest following a brief pullback from record highs. This renewed appetite for safe-haven assets comes amid ongoing global uncertainties, prompting many to seek value in precious metals.
Gold Futures on the Rise
On the Multi Commodity Exchange (MCX), gold futures for December delivery surged by ₹982, or 0.77%, reaching ₹1,27,990 per 10 grams. This increase occurred within a robust business turnover of 14,913 lots. Just last Friday, gold had peaked at an all-time high of ₹1,32,294 per 10 grams before settling at ₹1,27,008, marking the end of a five-day rally.
The February 2026 contract for gold also saw significant gains, climbing ₹1,680 or 1.31% to ₹1,29,743 per 10 grams, following a previous peak of ₹1,34,024 per 10 grams. Over the past week, gold futures have appreciated by ₹5,644, or 4.65%, reflecting strong investor sentiment and a growing belief in the metal’s value as a hedge against economic instability.
Silver Futures Join the Recovery
Silver, too, has joined the upward trend. The December delivery futures rallied by ₹1,522, or 0.97%, to ₹1,58,126 per kilogram, with a business turnover of 23,985 lots. The white metal had previously reached an all-time high of ₹1,70,415 per kg on the MCX. The March 2026 contract also increased by ₹1,292, or 0.82%, to ₹1,59,361 per kg, following a peak of ₹1,72,350 per kilogram in earlier trades.
In the past week, silver prices have surged by ₹10,138, or 6.92%, driven by robust industrial demand and ongoing supply constraints. Analysts attribute this rise to a resilient safe-haven demand amid heightened geopolitical tensions and uncertainties surrounding global trade.
Global Market Dynamics
In the global arena, both gold and silver have experienced renewed buying interest after a brief correction. On the Comex, gold futures for December delivery advanced by USD 62.46, or 1.48%, to USD 4,275.76 per ounce, following an all-time high of USD 4,392 per ounce on Friday.
Riya Singh, a Research Analyst at Emkay Global Financial Services, noted that gold has surged more than 65% this year, buoyed by a combination of central bank purchases, strong ETF inflows, and aggressive positioning in anticipation of US monetary easing. The weakening dollar and speculation regarding a potential rate cut by the US Federal Reserve before year-end have further bolstered the outlook for bullion.
Silver’s Performance and Market Sentiment
Silver has also seen substantial gains, although ETF inflows into the white metal appear to be plateauing, indicating some fatigue in that segment. Silver futures on Comex rose by 1.50% to USD 50.85 per ounce after a volatile week that saw the metal hit a record of USD 53.76 per ounce before experiencing a sharp 6% decline—its most significant drop in six months.
Market experts suggest that last week’s correction was influenced by easing fears over US credit conditions and signs of improving trade relations between Washington and Beijing, which reduced immediate safe-haven demand. Investment sentiment improved following US President Donald Trump’s remarks that helped ease trade tensions, while positive earnings from regional banks boosted equities and Treasury yields, weighing on gold’s appeal as a safe haven.
Future Outlook for Precious Metals
Despite recent corrections, experts maintain a positive outlook for both gold and silver. They anticipate that these precious metals will remain supported in the coming weeks due to ongoing geopolitical uncertainty, continued central bank buying, and expectations of further monetary easing by the US Federal Reserve.
As investors navigate a complex global landscape, gold and silver continue to shine as reliable assets, reflecting both their historical significance and their current relevance in a world fraught with uncertainty. Whether for hedging against inflation or as a safe haven during turbulent times, the allure of these precious metals remains undiminished.
English 