On Thursday, October 16, precious metals commenced trading robustly, with gold achieving unprecedented lifetime highs. Gold reached a record peak of Rs 1,28,395 per 10 grams. The yellow metal was last trading at Rs 1,27,900, reflecting an increase of Rs 690 or 0.54% from the previous close, bolstered by steady investor demand for safe-haven assets. Silver also experienced a rally, with December 2025 futures climbing to a record high of Rs 1,64,150 per kg. Prices were last recorded at Rs 1,63,756, reflecting an increase of Rs 1,550 or 0.96%, as the metal experienced a rise due to renewed buying interest and overall strength in the bullion market. In the international market, Gold reached a record high on Thursday as investors turned to the metal for safety amidst ongoing geopolitical and economic uncertainties, bolstered by expectations of U.S. rate cuts and a depreciating dollar.
Spot gold increased by 0.4% to $4,224.79 per ounce, as of 0033, following its peak at a record high of $4225.69. U.S. gold futures for December delivery increased by 0.9%, reaching a price of $4,239.70. Gold and silver continued to rise, reaching new record highs, influenced by profit-taking in the dollar index and the potential for Federal Reserve rate cuts. On Wednesday, gold and silver concluded the trading session with gains in both domestic and international markets. The December futures contract for gold concluded at Rs 1,27,210 per 10 grams, reflecting an increase of 0.76%. Meanwhile, the December futures contract for silver settled at Rs 1,62,206 per kilogram, marking a rise of 1.69%.
Gold and silver continued to build on their momentum, reaching new all-time highs in both international and domestic markets. Gold prices closed above 4,200 per troy ounce and silver prices closed above 51 per troy ounce for the first time in the international markets, continuing their bullish momentum. The dollar index experienced a decline, attributed to the persistent trade tensions between the US and China, alongside heightened expectations regarding potential rate cuts by the Federal Reserve in the upcoming October policy meetings. Safe-haven buying alongside strong investor demand is driving the prices of gold and silver upward.
“Gold prices could test $4,890 and silver prices could test $65 in the longer term,” stated Manoj Kumar Jain. Jain noted that he anticipates fluctuations in gold and silver prices this week, influenced by the instability of the dollar index, the turbulence in global financial markets, and ongoing US-China trade tensions. He predicts that gold will trade within the range of $3,980-4,280 per troy ounce, while silver is expected to fluctuate between $48.50-53.50 per troy ounce during the week.