Bullion futures scales fresh peaks

Gold and silver prices surged to hit fresh lifetime highs in both domestic and international markets, driven by a weak US dollar and growing expectations of rate cuts by the US Federal Reserve. On the Multi Commodity Exchange (MCX), gold futures for February delivery climbed Rs 1,628, or 1.21 per cent, to a new record of Rs 1,35,824 per 10 grams.

The yellow metal had gained Rs 574, or 0.43 per cent, during the past week. Silver futures witnessed robust gains on the MCX. The white metal for March 2026 contract rallied sharply by Rs 6,144, or 2.95 per cent, to touch an all-time high of Rs 2,14,583 per kilogram. It had zoomed Rs 15,588, or 8.08 per cent, over the past week.

“Gold and silver prices began the week by touching fresh lifetime highs in both domestic and international markets,” Rahul Kalantri, Vice-President of Commodities, Mehta Equities Ltd, said. The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading flat at 98.60, lending further support to bullion prices.

On the global front, Comex gold futures for February delivery gained $42, or 0.96 per cent, to hit a record of $4,429.3 per ounce.