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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Inappropriate for MLAs seeking free IPL tickets, says D.K. Suresh

31-03-2026 ¦ 31-03-2026 IST

Bengaluru: Bengaluru Milk Union Ltd President D.K. Suresh on Monday said it is inappropriate for MLAs to seek free IPL tickets, adding that those interested in watching matches should pay for them personally.

Speaking to reporters near his residence in Sadashivanagar, he said, “IPL is a commercial tournament and does not represent the country. It is not right for public representatives to focus too much on such matters.”

Referring to the recent controversy during the RCB celebrations, he said, “let us find out who benefited the most from the statements made during the incident.” He also pointed out that BJP MLAs had received IPL tickets as well.

Responding to discussions about relocating the Chinnaswamy Stadium, Suresh said the government has already approved the construction of a new stadium at a location he had proposed.

“I had suggested building a stadium in Surya City and submitted a proposal for it. Bengaluru needs four stadiums in four directions to cater to its growing population and encourage youth participation in sports,” he said.

He noted that apart from Kanteerava Stadium, KSCA, and the Football Stadium, there are limited facilities in the city.

“When I was a Lok Sabha member, I had proposed allocating 100 acres in my constituency at Surya City. The land was later earmarked and the plan approved,” he added.

Suresh said he has discussed the project with Minister Zameer Ahmed Khan, Rajiv Gandhi Housing Corporation Chairman Shivalingegowda, and Anekal MLA Shivanna.

“The Cabinet has now approved the project, and a stadium will be developed on around 50–60 acres,” he said.

He further added that he has requested the Deputy Chief Minister to build another stadium at Shivarama Karanth Layout through the BDA, where 40 acres have been allocated. Plans are also being discussed to develop a well-equipped stadium in Bidadi.

Commending state government's recent bilingual policy move, Suresh said forcing children to learn three languages could affect their comprehension.

“It is a good decision to make two languages compulsory. Learning a third language should be left to the choice of students and parents,” he said.

Responding to criticism from BJP leaders, he said their tendency is to oppose every decision of the government.

“To please their central leadership, they take a pro-Hindi stance. Instead, they should advocate for the adoption of Kannada in all states,” he said.

When asked about the earlier three-language policy under Congress, he said, “the situation is different now. Today, the focus should be on quality learning. Kannada should remain the primary language, while students and parents can choose an additional language.”