Gold, silver futures hit record highs on Fed rate cut bets, weak dollar

Vartha Bharati | 29-09-2025 | 13:11:00 IST

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New Delhi (PTI): Gold and silver prices scaled fresh lifetime highs in the domestic futures market on Monday, mirroring record gains in global markets amid expectations of US Federal Reserve rate cuts and a softer dollar buoyed sentiment.

On the MCX, the yellow metal futures for October delivery surged by Rs 1,204 or 1.06 per cent to touch a lifetime high of Rs 1,14,992 per 10 grams. The December contract for gold futures also advanced Rs 1,034 or 0.9 per cent, to hit a record Rs 1,15,925 per 10 grams.

Last week, gold futures rallied by Rs 4,188, or 3.77 per cent, to close at Rs 1,14,891 per 10 grams on Friday.

"Gold prices have been shining for quite some time, and the past week saw gold prices touching new highs in the domestic as well as international markets," said Prathamesh Mallya, DVP-Research, Non-Agri Commodities and Currencies at Angel One.

He noted that the rally showed no signs of pausing, with investors caught in a dilemma of whether to enter or book profits at elevated levels.

"Tariff levies, the Russia-Ukraine war, US-China trade tensions, and a host of other factors continue to drive liquidity and momentum in gold prices in the recent past," Mallya added.

Silver futures too witnessed robust gains on Monday. The white metal for December delivery jumped Rs 2,290 or 1.61 per cent, to hit an all-time high of Rs 1,44,179 per kilogram.

The March 2026 contract for silver futures surged by Rs 2,559, or 1.79 per cent, to a fresh peak of Rs 1,45,817 per kg on the Multi Commodity Exchange (MCX).

In the previous week, silver futures had surged by Rs 12,051, or 9.28 per cent, to close at Rs 1,41,889 per kg.

Globally, bullion prices continued their upward march. Gold futures for December delivery rose nearly 1 per cent to touch a record high of USD 3,837.72 per ounce while silver climbed more than 1 per cent to hit a high of USD 47.39 per ounce.

"Gold prices climbed to a record high, driven by growing expectations of further US rate cuts and a weaker dollar," said Jigar Trivedi, Senior Research Analyst at Reliance Securities.

He pointed out that the latest US Personal Consumption Expenditures inflation data matched market expectations and reinforced bets that the Federal Reserve could continue easing monetary policy later this year.

Meanwhile, the dollar index, which tracks the greenback against a basket of six currencies, was trading 0.18 per cent lower at 97.97, lending further support to precious metals.

"Traders are currently pricing in a 90 per cent chance of a rate cut in October and about a 65 per cent probability of an additional move in December. At the same time, investors are monitoring the risk of a potential US government shutdown, which could delay the release of key labour market data and complicate the Fed's decision-making process," Trivedi said.

Adding to the global uncertainty, US President Donald Trump last week announced a new round of tariffs on imported drugs, trucks, and furniture, effective October 1, clouding the economic outlook further.

Market experts said the interplay of monetary easing expectations, geopolitical tensions, and trade-related risks is expected to keep bullion prices elevated in the near term.

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345 Indian fishermen stranded in Iran return home via Armenia

04-04-2026 ¦ 04-04-2026 IST

New Delhi (PTI): A group of 345 Indian fishermen, who were stranded in Iran amid escalating regional tensions, returned to India via Armenia on Saturday, officials said.

External Affairs Minister S Jaishankar thanked his Armenian counterpart Ararat Mirzoyan for assistance in return of the Indian nationals.

The Indian nationals arrived in Chennai this evening, the officials cited above said.

The circumstances that led to them being stranded in Iran were not immediately known.

"Thank FM @AraratMirzoyan and the Government of Armenia for facilitating the evacuation of Indian fishermen today from Iran, through Armenia to India," Jaishankar said on social media.

Over 1,500 Indian nationals have left Iran through land border crossings in Armenia and Azerbaijan since the start of the West Asia conflict over a month ago.

"A group of Indian fishermen, stranded in Iran, are returning home via Armenia today; their flight is expected to reach India this evening," a government statement said.

It said the Ministry of External Affairs continues to closely monitor the evolving situation in the West Asian region, with the safety, security and welfare of the Indian community being accorded the highest priority.

It also made a mention of five Indians being injured in Abu Dhabi on Friday.

According to Abu Dhabi authorities, the Indian nationals were among the 12 people injured by debris from an intercepted missile.

"In an attack in Abu Dhabi, five Indian nationals were injured; four have been discharged, one remains under treatment," the Indian government's statement said.

It said the Indian mission in Abu Dhabi is extending "full" assistance and coordinating with local authorities, adding that their flight is expected to reach India this evening.