Gold rate today: Following high bets on the US Fed rate cut, gold prices in India and other global bourses witnessed strong buying interest last week. This enabled MCX gold rates to finish higher for the fourth straight month. Gold futures contract on the Multi Commodity Exchange (MCX) for the February 2026 expiry finished ₹1,932 or 1.51% higher at ₹1,29,599 per 10 gm on Friday, around ₹2,700 away from its record high of ₹1,32,294 per 10 gm, which it had climbed on 17 October 2025.
According to the commodity market experts, the gold rate today is on an uptrend across global bourses as the probability of a 25 bps rate cut in the US Fed meeting next month has gone up to 87%. They said that falling US dollar rates and political uncertainty caused by the Donald Trump administration are also lending support to the gold price rally.
US Fed rate cut buzz
On why gold prices are skyrocketing, Sugandha Sachdeva, Founder of SS WealthStreet, said, “Gold prices extended their winning streak for the fourth straight month, buoyed by rising expectations of a US Federal Reserve rate cut. Dovish commentary from several Fed officials has pushed the probability of a December cut to nearly 87%, reinforcing the bullish bias in the precious-metals complex.”
“On the macro front, recent US economic data has painted a mixed picture. The labour market remains resilient, with a decline in initial jobless claims; however, consumer-driven indicators, such as retail sales and consumer confidence, have softened. Meanwhile, the Producer Price Index (PPI) revealed stable inflation, effectively opening the window for a 25bps rate cut by the Fed in the near term,” Sugandha added.
Weak US dollar
Pointing towards US President Donald Trump’s style of work weighing on the American currency, Sugandha Sachdeva said, “Political uncertainty has also lent support to gold, especially after President Donald Trump announced plans to pause immigration from third-world nations and withdraw federal benefits for non-citizens, moves that have added to broader uncertainty. The weakness in the US Dollar Index, which has struggled to sustain above the 100 level, remains one of the strongest catalysts supporting gold’s upward trajectory. India’s import surge has added another layer of support as gold imports surged nearly 200% to a record $14.72 billion in October 2025, up from $4.92 billion a year earlier, while silver imports jumped by 528% to $2.72 billion, from $0.43 billion in October 2024.”
Wedding season fuels demand in India
Regarding the domestic trigger fueling gold rates today, the SS WealthStreet expert stated, “The domestic physical market also remains underpinned by demand from nearly 45–50 lakh weddings lined up between early November and mid-December 2025, a period that traditionally drives gold purchases higher.”
CEPA boosts supply
Pointing towards the demand-supply equilibrium, Ross Maxwell, Global Strategy Lead at VT Markets, said, “Large jewellers and bullion dealers could benefit from the India-UAE CEPA talks, which aim to provide an auction-based quota system for gold imports from the UAE. The aim is to increase organised supply, which would help keep domestic premiums even if headline gold prices remain high.”
Unveiling the investment strategy for bullion investors, Ross Maxwell said, “On the global front, gold continues to enjoy strong safe-haven demand amid geopolitical uncertainty and inflation concerns. We have seen recent volatility in gold and some dip buying opportunities, and this continues to be the safest approach, which offers the best value.” However, he maintained that silver prices may continue to outperform the gold price rally if global demand or investor rotation accelerates.
Russia-Ukraine war in focus
Advising investors to remain vigilant about the developments in the Russia-Ukraine war, Sugandha Sachdeva said, “Progress on the Russia–Ukraine peace framework could cap extreme upside, yet negotiations remain complex and far from resolution, keeping geopolitical risks alive, an environment that continues to favour safe-haven assets like gold.”
Will yellow metal climb to a new peak?
Speaking on the gold price outlook, Sugandha Sachdeva said, “Price structure indicates further upside in both precious metals. Technically, gold faces a key hurdle at $4,250 per ounce, and a breakout could push prices towards $4,400 per ounce in the near-term, while if domestic prices hold above ₹1,30,000 per 10 gm (Feb 2026 contract), they are likely to aim for new highs of ₹1,34,000 per 10 gm and beyond.” She said that key support for the gold price today is placed at ₹1,25,700 per 10 gm mark.
Gold, silver prices in India
New Delhi
Gold price: ₹1,27,130 per 10 gm
Silver price: 1,72,130 per kg
Mumbai
Gold price: ₹1,27,350 per 10 gm
Silver price: 1,72,430 per kg
Kolkata
Gold price: ₹1,27,180 per 10 gm
Silver price: 1,72,200 per kg
Chennai
Gold price: ₹1,27,720 per 10 gm
Silver price: 1,72,930 per kg
Bengaluru
Gold price: ₹1,27,450 per 10 gm
Silver price: 1,72,570 per kg
Hyderabad
Gold price: ₹1,27,550 per 10 gm
Silver price: 1,72,700 per kg.
(Note: Gold and silver prices in the major Indian cities have been taken from bullions.co.in)
Key Takeaways
- Gold prices are currently on an uptrend due to anticipated US Fed rate cuts.
- Geopolitical risks and a weak US dollar are key factors supporting gold’s rise.
- India’s wedding season demand significantly impacts gold purchasing behavior.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
