Gold prices in India and global markets extended their gain for the last week of November, supported by strong buying interest triggered by growing expectations of a US Federal Reserve rate cut. MCX gold February 2026 futures closed at Rs. 1,29,599 per 10 gm, gaining Rs. 1,932 or 1.51%, placing the contract just shy of Rs. 2,700 of its 17 October 2025 peak of Rs. 1,32,294.
Gold and silver rates across India’s metros continue to reflect this nationwide bullishness. In New Delhi, gold stands at Rs. 1,27,130 per 10 gm and silver at Rs. 1,72,130 per kg, while Mumbai lists gold at Rs. 1,27,350 and silver at Rs. 1,72,430.
Kolkata reports gold at Rs. 1,27,180 and silver at Rs. 1,72,200, whereas Chennai posts higher levels at Rs. 1,27,720 and Rs. 1,72,930, respectively. In Bengaluru, gold is Rs. 1,27,450 and silver Rs. 1,72,570, while Hyderabad offers gold at Rs. 1,27,550 and silver at Rs. 1,72,700.
Analysts attribute the sustained rally in gold to a spike in expectations of a Fed rate cut by 25 bps, with the probability of the same rising to almost 87%. According to Sugandha Sachdeva, Founder of SS WealthStreet, dovish commentary by multiple Fed officials has strengthened the bullish sentiment in the precious metals complex.
Mixed US economic data-resilient labour markets but weakening consumer confidence and retail sales-have set up the perfect setting for the central bank to ease rates. Stable inflation reflected in the PPI has added further support.
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A second powerful wind behind the back has been the falling US dollar. The growing confusion regarding President Donald Trump’s latest policy signals, from suggested immigration halts to non-citizens’ withdrawal of federal benefits, has caused a decline in investor discretion.
The US Dollar Index is having a hard time maintaining a level above 100; thus, safe havens have turned out to be the option of choice for investors increasingly. India’s import data has shown that demand was on a higher level: the imports of gold rose by nearly 200% in October 2025, while imports of silver shot up to a huge 528%.
Domestically, close to 45–50 lakh weddings that are scheduled between November and mid-December are seen driving robust physical demand for gold. This seasonal boost is helping sustain high price levels even as bullion inches closer to its historical peaks.
According to experts, Gold might even try to reclaim the $2000 mark and potentially retest previous highs supported by worldwide uncertainties and a dovish Fed policy. However, will the drive last long enough for the golden metal to write one more record in its history?