Gold prices hit a new record high on MCX at Rs 1,20,900 per 10 grams amid US government shutdown and Federal Reserve rate cut bets. Check today’s city-wise gold and silver rates in India.
Gold prices soared to unprecedented levels on Tuesday, October 7, 2025, marking a fresh all-time high on the Multi Commodity Exchange (MCX). The rise comes amid ongoing uncertainty caused by the prolonged US government shutdown and increasing market expectations of interest rate cuts by the Federal Reserve in its upcoming meeting.
Gold Prices Today: MCX Hits New Highs
The December 5 gold futures contract on the MCX opened with gains of Rs 101, priced at Rs 1,20,350 per 10 grams, compared to the previous close of Rs 1,20,249. Throughout the day, gold climbed further, hitting an intraday peak of Rs 1,20,900—a new record for the precious metal on the domestic exchange. The session closed with gold trading at Rs 1,20,430, reflecting a rise of Rs 181 or 0.15 percent.
Looking ahead, the February 2026 gold futures also made significant gains, climbing Rs 648 (0.53%) to reach a lifetime high of Rs 1,22,231 per 10 grams on the MCX.
International Gold Market Update
Globally, gold mirrored the domestic trend with the COMEX gold price rising approximately 0.25 percent. At 11:50 AM IST, spot gold was trading near USD 3,961.34 per troy ounce, up by 0.24 percent. The COMEX futures hovered around USD 3,986.10 per ounce, reflecting investor demand for the safe-haven asset amid geopolitical and economic uncertainties.
City-Wise Gold Prices in India
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Delhi: 24-carat gold priced at Rs 1,22,070 per 10 grams; 22-carat at Rs 1,12,000.
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Mumbai: 24-carat gold available at Rs 1,22,020 per 10 grams; 22-carat at Rs 1,11,850.
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Kolkata: 24-carat gold quoted at Rs 1,22,020 per 10 grams; 22-carat at Rs 1,11,850.
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Chennai: 24-carat gold at Rs 1,22,180 per 10 grams; 22-carat priced at Rs 1,11,200.
Silver Prices Today: Stable Amid Gold Rally
Silver prices remained relatively steady across major cities:
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Delhi: Rs 1,57,000 per kg
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Mumbai: Rs 1,57,000 per kg
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Kolkata: Rs 1,57,000 per kg
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Chennai: Higher at Rs 1,67,000 per kg
What’s Driving the Gold Rally?
The gold market rally is primarily fueled by two key factors:
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US Government Shutdown: The ongoing shutdown has heightened market uncertainty, driving investors to seek safe assets like gold.
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Federal Reserve Rate Cut Expectations: Increasing speculation around the Federal Reserve’s potential interest rate cuts in the next policy meeting is boosting gold’s appeal as a hedge against inflation and currency volatility.