The rates of gold and silver jumped to their fresh record highs on the MCX on Tuesday, September 30, driven by strong spot demand, hopes of a rate cut, and persisting geopolitical uncertainties. MCX Gold December futures hit a fresh record high of ₹1,17,697 per 10 grams, and MCX Silver December futures hit a fresh record high of ₹1,44,200 per kg. Around 10:15 am, MCX Gold traded 1.01 per cent up at ₹1,17,524 per 10 grams, while MCX Silver was 0.67 per cent up at ₹1,44,064 per kg.
Gold prices are surging on a confluence of positive triggers—expectations of further rate cuts by the US Fed, concerns over Trump’s tariff policies, the dollar’s decline, heavy buying by central banks, and strong demand from retail investors are among them.
“Precious metals prices climbed to a record high, driven by safe-haven demand amid concerns over a potential US government shutdown and expectations of further Federal Reserve rate cuts,” Rahul Kalantri, VP of commodities at Mehta Equities, observed.
“Gold prices rose to a fresh record high amid mounting concerns over a looming US government shutdown and expectations of further Federal Reserve rate cuts. Tariff-related concerns are also supporting gold prices. New US tariffs on heavy trucks, patented drugs, and other items are set to take effect on Wednesday,” said Jigar Trivedi, Senior Research Analyst at Reliance Securities.
Moreover, Fed rate cuts tend to weaken the US dollar, which boosts global demand for gold. They also signal a slowing economy, driving investors toward safe-haven assets, such as gold. At the same time, lower rates raise the risk of inflation—and since gold is considered a reliable hedge against inflation, its appeal strengthens further.
