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Gold prices rose to new record highs on Friday, October 17, 2025, as both domestic and international markets saw a surge in buying activity. Gold December futures on the Multi-Commodity Exchange (MCX) increased by over Rs. 2,400 (around 2%) to reach an all-time high of Rs. 1,32,293 per 10 grams.
The price surge is driven by a weak US dollar, increasing geopolitical risks, and expectations of rate cuts from the US Federal Reserve. Domestic demand has also remained robust as consumers rushed to buy gold during the festive season.
In Mumbai, gold prices continued their upward momentum. The 24-carat gold rate increased by Rs. 333 per gram to Rs. 13,277, compared to Rs. 12,944 a day earlier. For 10 grams, 24K gold now costs Rs. 1,32,770, marking a gain of Rs. 3,330 from Thursday.
Similarly, 22-carat gold prices rose by Rs. 305 per gram to Rs. 12,170, up from Rs. 11,865 yesterday. The 10-gram price of 22K gold now stands at Rs. 1,21,700, higher by Rs. 3,050 from the previous session.
Chennai also witnessed a substantial increase in gold prices. The 24-carat gold price rose by Rs. 327 per gram to Rs. 13,309, up from Rs. 12,982 the previous day. The price for 10 grams climbed to Rs. 1,33,090, gaining Rs. 3,270 in a single day.
Meanwhile, 22-carat gold prices surged by Rs. 300 per gram to Rs. 12,200, compared to Rs. 11,900 earlier. For 10 grams, the 22K rate reached Rs. 1,22,000, up Rs. 3,000 from Thursday.
Globally, spot gold has crossed the $4,300 per ounce level and has had its largest weekly performance since 2008. US gold futures settled at $4,304.60 per ounce after rising from higher safe-haven demand amid trade tensions between the US and China, risks of government shutdown, and market concern regarding potential rate cuts.
Spot silver also followed, climbing to $54.04 per ounce after briefly touching $54.15, supported by supply tightness and strong demand.
Also Read: Gold vs Stocks: Which Should You Choose This Diwali?
On the MCX, gold has support at Rs. 1,28,000 and Rs. 1,26,600; resistance lies between Rs. 1,31,000 to Rs. 1,33,500. For silver, support rests at Rs. 1,66,000, and resistance extends to Rs. 1,71,000.
Renisha Chainani, Head of Research for Augmont, advised investors to take on a buy-on-dips method instead of chasing record highs, while fundamentals remain supportive even if valuations are starting to look stretched.
Analysts expect gold prices will remain high in the near future due to geopolitical volatility, ongoing central bank purchases, and continued inflows into ETFs.
