Gold prices in India extended their record-breaking rally on Friday, scaling a fresh all-time peak on the Multi Commodity Exchange (MCX). The surge is fueled by elevated global uncertainty and strong demand for the precious metal as a safe-haven asset.
Record Highs in Domestic and International Markets
During Friday's trading session, the MCX gold futures contract (February 2026 expiry) touched a new high of ₹1,40,465 per 10 grams. The session concluded with the price settling at ₹1,39,940 per 10 gm. In the physical market, data from bullions.co.in showed that the 24-carat gold rate in Delhi was ₹1,39,790 per 10 grams. This implies that local jewellers are charging a premium of ₹150 over the futures price. The rate for 22-carat gold in the national capital stood at ₹1,28,141 per 10 gm.
The rally was mirrored globally, where the COMEX gold price climbed to a historic peak of $4,584 per troy ounce. This marks a staggering rise of nearly 75% from its 52-week low of $2,608.40 per ounce.
Technical Outlook and Price Targets
Market analysts note that the domestic gold rate has decisively broken above a key technical resistance level of ₹1,39,000. This breakout has set the stage for further appreciation. Experts believe the precious metal is poised to touch ₹1,45,000 per 10 gm in the near term, provided the current market triggers remain active.
Anuj Gupta, Director of Ya Wealth, provided a detailed roadmap. "The technical chart suggests that the yellow metal price may soon touch ₹1.45 lakh. A decisive close above this ₹1.45 lakh level would then trigger a fresh upside movement towards ₹1.50 lakh," he said. However, he cautioned that some profit-booking is expected when prices approach the ₹1.45 lakh mark.
With only three trading sessions left in 2025, the timing of the next breakout is crucial. Gupta added that if the breakout above ₹1.45 lakh happens on Monday or Tuesday, the chances for gold to reach the ₹1.50 lakh milestone within 2025 remain high.
Key Triggers Fueling the Rally
Ponmudi R, CEO of Enrich Money, highlighted the fundamental drivers behind the sustained rally. He stated, "Gold continues to serve as the anchor hedge amid elevated global uncertainty." He identified several supporting factors: persistent safe-haven demand, heightened geopolitical risks, aggressive accumulation by central banks worldwide, and expectations of further global monetary easing.
On the technical front for COMEX gold, Ponmudi noted that the multi-year breakout structure is firmly intact. A sustained hold above $4,500 keeps the upside open towards $4,600-$4,650, with key support in the $4,400–$4,450 zone.
For the domestic market, he pointed out that MCX gold is maintaining a one-sided uptrend. A decisive breakout above ₹139,000 has opened the path toward ₹140,000 to ₹145,000, with strong downside support placed at ₹136,000 to ₹135,000.
An interesting catalyst noted by experts is the performance of silver. Gupta mentioned that the ongoing rally in silver prices is also acting as a catalyst for gold's upward movement in the current cycle.
Key Takeaways for Investors
- Gold prices are in a strong bullish trend, with clear technical targets of ₹1.45 lakh and then ₹1.50 lakh.
- Global factors like uncertainty, geopolitical risk, and central bank buying are primary drivers.
- Investors should be prepared for potential profit-booking near the ₹1.45 lakh level.
- The performance of silver and currency stability will remain key factors to watch in the coming weeks.
The market sentiment remains firmly positive, with both global cues and a relatively stable rupee environment supporting domestic prices. All eyes are now on the ₹1.45 lakh level as the next major gateway for the yellow metal's historic run.
