Demand in the global market.. Gold crosses Rs.1.30 lakhs in MCX
Gold prices touched Rs 1,30,638 per 10 grams on strong global demand. Silver futures fell to Rs 1,82,600 per kg. The US Federal Reserve is set to hold its last policy meeting of the year. Investors were cautious in this context. This led to an increase in demand for gold. Gold futures for February 2026 contract on the Multi Commodity Exchange (MCX) rose 0.13 percent to Rs 1,30,638 per 10 grams. However, silver futures fell 0.44 percent to Rs 1,82,600 per kg.
Silver rose by Rs 7,096 to a record high of Rs 1,85,234 on the MACX on Friday. It finally closed at Rs 1,83,408 per kg. Silver has gained a whopping 4.81 percent in the past week, gaining over 3 percent. It has seen some profit-taking in the recent past, but is holding steady amid concerns over dwindling reserves in London and China and structural deficits that could continue till 2026, said Manav Modi, an analyst at Motilal Oswal Financial Services Limited.
He said that strong industrial demand and continued investments in the safe haven asset class have strengthened silver in ETFs. Modi said that the Fed is likely to ease rates before the year-end policy meeting, which will boost the market. He said that investors will focus not only on the Fed’s final meeting this week, but also on US factory orders and other key macroeconomic data.
Traders are likely to remain cautious until Federal Reserve Chairman Jerome Powell’s speech, he said, as any changes in the Fed’s stance could lead to volatility in bullion prices. Jigar Trivedi, senior research analyst at Reliance Securities, said gold prices have reached $4,200 an ounce. Trivedi said there is an 88 percent chance of a 25 basis point cut in the Fed’s last meeting.
Market sources expect more interest rate cuts next year. Gold futures for February delivery on the Comex were trading steady at $4,244.2 an ounce. Comex silver futures for March 2026 contract fell 0.54 percent to $58.73 an ounce. Silver rose 4.19 percent on Friday to an all-time high of $59.90 an ounce.
