In a stunning surge that has investors and jewelry enthusiasts excited, gold prices in the national capital crossed ₹1.26 lakh per 10 grams for the first time, just days before the Karva Chauth festival. The rally comes amid escalating geopolitical tensions and economic uncertainties, making gold a sought-after safe-haven asset.

Rapid Gains in Local and Global Markets

On Wednesday, 99.5% pure gold jumped ₹2,600, reaching a historic high of ₹126,000 per 10 grams (all-inclusive taxes). Over the past three days, prices have surged ₹6,000, with Monday seeing a ₹2,700 rise followed by Tuesday’s ₹700 increase to ₹124,000. The market frenzy is fueled by fears of a US government shutdown, continued buying by global central banks, and investors seeking refuge amid volatile stock markets.

Silver is keeping pace, jumping ₹3,000 to ₹157,000 per kilogram, nearing its all-time high of ₹157,400 reached earlier this week. Internationally, gold for immediate delivery rose nearly 2% to $4,049.59 per ounce, while silver climbed over 2% to $48.99 per ounce.

Record-Breaking Futures Performance

Gold futures on the MCX hit an intraday high of ₹123,080 per 10 grams, closing at ₹122,912 after a ₹1,800 gain. Silver futures also set records, peaking at ₹1,49,138 before settling at ₹1,48,816, up ₹3,024.

Expert Insights and Market Sentiment

Market analyst Kaynat Chainwala of Kotak Securities remains bullish, citing US economic concerns, the Ukraine conflict, political instability in France and Japan, and Fed easing expectations as factors driving gold demand. “Gold at its crucial $4,000 level has become a key instrument for hedging against uncertainty,” she said.

While rising gold prices may slightly dampen the festive mood for Karva Chauth celebrants on October 11, the surge presents a profitable opportunity for investors looking to capitalize on the precious metal’s ongoing rally.

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