On Monday, October 20, 2025, gold and silver once again glittered in the domestic futures market. Investors showed renewed interest through value buying after these precious metals had briefly pulled back from their recent record highs. This surge also reflects a growing appetite for safe-haven assets amidst ongoing global uncertainties.
On the Multi Commodity Exchange (MCX), gold futures for December delivery saw a notable increase, climbing by ₹982, or 0.77%, to reach ₹1,27,990 per 10 grams. This upward movement was observed across 14,913 trading lots.
Just last Friday, October 17, 2025, the yellow metal had peaked at an all-time high of ₹1,32,294 per 10 grams before settling at ₹1,27,008, breaking a five-day upward streak.
The February 2026 gold contract also experienced a significant gain, advancing by ₹1,680, or 1.31%, to trade at ₹1,29,743 per 10 grams in 1,862 lots. This contract had previously hit its own fresh peak of ₹1,34,024 per 10 grams during earlier market activity.
Overall, last week saw a robust performance for gold futures, which collectively rose by ₹5,644, representing a 4.65% increase and signaling strong investor confidence.
Silver futures mirrored gold’s recovery, with the white metal for December delivery surging by ₹1,522, or 0.97%, to ₹1,58,126 per kilogram across 23,985 trading lots. Earlier, silver had reached its own all-time high of ₹1,70,415 per kilogram on the MCX.
The March 2026 silver contract also climbed by ₹1,292, or 0.82%, hitting ₹1,59,361 per kilogram in 5,787 lots. This particular contract had previously reached a lifetime high of ₹1,72,350 per kilogram.
Over the past week, silver prices have collectively appreciated by ₹10,138, or 6.92%, a rise attributed to strong industrial demand and ongoing supply constraints.
Market analysts point to persistent safe-haven demand as a key driver, fueled by heightened geopolitical tensions, global trade uncertainties, and lingering concerns about a prolonged US government shutdown.
In international markets, both gold and silver saw renewed buying interest following a brief period of correction. On the Comex, gold futures for December delivery advanced by $62.46, or 1.48%, reaching $4,275.76 per ounce, after setting an all-time high of $4,392 per ounce on Friday, October 17, 2025.
Riya Singh, a Research Analyst for Commodities and Currency at Emkay Global Financial Services, highlighted gold’s impressive performance: “Gold has surged more than 65% so far this year, buoyed by a potent mix of central-bank buying, robust ETF inflows, and aggressive positioning on expectations of US monetary easing.”
Ms. Singh further noted that the weakening dollar and speculation about a potential substantial rate cut by the US Federal Reserve before the year-end have significantly boosted the positive outlook for bullion.
Regarding silver, Mr. Singh observed, “Silver has also gained substantially, though ETF inflows into the white metal have started to plateau, suggesting some fatigue in that segment.”
On Comex, silver futures increased by 1.50% to $50.85 per ounce. This followed a volatile week where the metal initially hit a record $53.76 per ounce before experiencing its sharpest fall in six months, sliding by 6%.
Commodities market experts attributed last week’s correction to a reduction in immediate safe-haven demand, sparked by easing concerns over US credit conditions and improving signs in trade relations between Washington and Beijing.
Investment sentiment also saw an uplift after statements from former U.S. President Donald Trump helped alleviate trade tensions. Concurrently, positive earnings reports from regional banks boosted equities and Treasury yields, which somewhat dampened gold’s appeal as a safe haven.
Despite these brief corrections, an expert stated, “The broader outlook for bullion remains positive. They expect gold and silver to stay supported in the coming weeks on continued geopolitical uncertainty, central bank buying, and expectations of further monetary easing by the US Federal Reserve.”