Gold Futures Surge ₹2,165 To Hit ₹1.46 Lakh As Safe-Haven Demand & Weaker Dollar Fuel Global Bullion Rally

Gold prices rose for a second straight session on Wednesday, with futures climbing Rs 2,165 to reach Rs 1.46 lakh per 10 grams on the Multi Commodity Exchange (MCX). The increase followed a sharp rally in global markets driven by renewed safe‑haven demand and a weakening US dollar.

The October gold contract gained Rs 2,165, or 1.5 percent, to settle at Rs 1,46,464 per 10 grams. Silver also held firm, buoyed by improving global sentiment and continued investor interest in precious metals.

Gaurav Garg, Head of Research at Lemonn Markets Desk, noted that gold’s upward trend persisted as investors turned to safe‑haven assets amid fresh geopolitical tensions and a softer US dollar.

The advance occurred on the same day the Reserve Bank of India (RBI) left the benchmark repo rate unchanged at 5.25 percent for the fourth consecutive Monetary Policy Committee (MPC) meeting, with policymakers seeking clearer signals on inflation risks linked to higher energy prices.

Ajitabh Bharti, Co‑founder and Executive Director at CapitalXB, said the RBI’s decision to hold rates was appropriate, balancing support for economic growth while vigilantly watching inflation amid the ongoing US‑Iran situation and broader global uncertainties.

In overseas markets, Comex gold futures for the December contract jumped USD 73.90, roughly 2 percent, to USD 4,226.50 per ounce in New York.

Pinky Yadav, Commodity Fundamental Analyst at Choice Broking, explained that the bullion rally was aided by optimism over a possible deal to reopen the Strait of Hormuz, which eased fears of oil‑supply disruptions. Softer crude prices helped ease near‑term inflation concerns, further boosting demand for precious metals.

Analysts

Market participants said they will closely monitor upcoming US macro‑economic data and statements from major central banks for fresh direction on gold and silver prices.