Gold rate today: Gold future prices on Tuesday touched a record of Rs 1,20,900 per 10 grams, registering an increase of Rs 651. This surge was driven by robust global market conditions, the ongoing US government shutdown, and increasing speculation about Federal Reserve rate reductions at their next meeting.Trading on the Multi Commodity Exchange (MCX) showed December delivery gold futures rising by Rs 651 (0.54 per cent) to reach Rs 1,20,900 per 10 grams. Additionally, the February 2026 gold futures contract rose by Rs 648 (0.53 per cent) to establish a new high of Rs 1,22,231 per 10 grams, according to a PTI report.“Gold prices rose to an all-time high on US economic and political uncertainties and expectations of further interest rate cuts by the Federal Reserve,” stated Manav Modi, Analyst – Precious Metal Research at Motilal Oswal Financial Services.In parallel developments, silver futures increased by Rs 281 (0.19 per cent), trading close to their record level of Rs 1,47,800 per kilogram. The metal had previously reached its highest point of Rs 1,47,977 per kg on Monday.The March 2026 silver futures showed positive movement, advancing by Rs 327 (0.21 per cent) to Rs 1,49,500 per kg, following its previous session’s record of Rs 1,49,605 per kilogram.In international markets, Comex gold futures aimed at December delivery surpassed $4,000 per ounce, achieving this milestone through a near 1 per cent increase on Tuesday.Meanwhile, silver futures scheduled for December delivery showed a slight decline, trading at $48.43 per ounce.Market analysts indicated that the current US government shutdown has affected essential federal programmes and held up important economic data releases, including the September employment report. The lack of official US economic indicators, combined with growing anticipation of two Federal Reserve interest rate reductions this year, has bolstered the appeal of gold.“Additionally, sustained gold buying by global central banks also continues to power the record rally in the precious metal prices,” an expert said.The World Gold Council (WGC)’s recent data indicated that central banks resumed gold purchases in August, with global reserves showing an increase of 15 tonnes in that period.The People’s Bank of China (PBOC) released figures indicating its gold reserves reached 74.06 million fine troy ounces by September’s end, advancing from 74.02 million the previous month, marking its eleventh consecutive month of bullion acquisition.According to Manav Modi from Motilal Oswal Financial Services, market participants will keenly observe statements from various Federal Reserve officials later today to understand the direction of monetary policy.“Focus this week will also be on the Federal Open Market Committee (FOMC) meeting minutes and Fed Chair Jerome Powell’s speech on Thursday for fresh insights on the US economy and the Fed’s path forward on interest rates,” he added.
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