Gold and silver prices continue record-breaking rally amid Fed easing bets
NEW DELHI, Sept 23: Gold continued its record-breaking rally on Tuesday, surging Rs 520 to touch an all-time high of Rs 1,12,750 per 10 grams on the Multi Commodity Exchange (MCX). The rise was attributed to strong global cues, safe-haven demand and expectations of further US Federal Reserve rate cuts.
Gold futures for October delivery jumped 0.46 per cent to Rs 1,12,750 per 10 grams, while December contracts advanced 0.46 per cent to Rs 1,13,750 per 10 grams, also marking lifetime highs. Silver futures extended their rally too, with December delivery touching Rs 1,34,016/kg and March 2026 contracts reaching Rs 1,35,397/kg.
Analysts attributed the surge to the Fed’s first rate cut of the year, expectations of further easing, persistent central bank purchases and safe-haven flows amid geopolitical tensions. Rahul Kalantri, Vice-President (Commodities), Mehta Equities Ltd, said: “The rally in bullion shows no signs of slowing. Gold has surged to lifetime highs while silver touched its strongest level in nearly 15 years.”
A weaker dollar index and subdued rupee also boosted domestic bullion prices. Overseas, gold futures for December delivery hit a record USD 3,794.82/oz. However, silver futures slipped marginally to USD 44.19/oz.
Jigar Trivedi, Senior Analyst at Reliance Securities, noted that traders are awaiting Fed Chair Jerome Powell’s remarks and upcoming inflation data for clarity on future monetary policy. He added that ongoing geopolitical tensions in Russia-Ukraine and the Middle East continue to fuel safe-haven buying, preventing sharp corrections.
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Labels: Business, Economy, Commodities
Tags: #GoldPrices #SilverPrices #FederalReserve #Commodities #MCX #Economy
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