New Delhi, Sep 30: Gold prices on Tuesday soared Rs 1,217 to hit fresh record high of Rs 1,17,561 per 10 grams in the domestic futures market tracking sharp gains in the overseas market, as investors weighed the risk of a looming US government shutdown alongside expectations of further interest rate cuts by the Federal Reserve.
On the MCX, the yellow metal futures for December delivery extended its gains for the fourth straight session by rallying Rs 1,217 or 1.04 per cent to hit a record high of Rs 1,17,561 per 10 grams.
Similarly, the February 2026 contract for gold futures jumped Rs 1,314 or 1.12 per cent to hit a lifetime high of Rs 1,18,788 per 10 grams.
Silver also touched fresh peaks on Tuesday. The white metal futures for December delivery jumped Rs 1,101 or 0.77 per cent to hit a record high of Rs 1,44,200 per kilogram on the Multi Commodity Exchange (MCX).
The March 2026 contract for silver futures appreciated by Rs 1,127 or 0.78 per cent to scale a new high of Rs 1,45,858 per kg on the commodities bourse.
“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, Vice-President of Commodities at Mehta Equities Ltd.
In global trade, bullion prices also hit lifetime highs. Gold futures for December delivery rose more than 1 per cent to hit a fresh peak of USD 3,895.22 per ounce while silver went up marginally to hit a high of USD 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,” said Jigar Trivedi, Senior Research Analyst at Reliance Securities.
The precious metal futures have gained more than 11 per cent so far in September.
Meanwhile, talks between President Donald Trump and US congressional leaders on Monday ended without a deal on short-term funding, raising the risk of a shutdown when current funding expires at midnight on Tuesday.
“If no agreement is reached, a shutdown would begin on Wednesday, potentially delaying the release of key economic data, including the September nonfarm payrolls report,” Trivedi said.
Adding to market jitters, new US tariffs on heavy trucks, patented drugs, and other items are set to take effect on Wednesday.
“Last week, the US macroeconomic data reinforced bets that the Federal Reserve could deliver additional rate cuts at its two remaining meetings this year,” he added.
“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,” said Renisha Chainani, Head of Research at Augmont. (Agencies)
