Mumbai: Gold’s dream run continues in 2025, with experts predicting that prices could climb as high as Rs 1.3 lakh per 10 grams this Dhanteras and even reach Rs 1.5 lakh by early 2026. The surge is being driven by global economic uncertainty, strong central bank buying, and expectations of interest rate cuts that are keeping investor demand for the yellow metal strong.
“Strong central bank and ETF buying, even at record prices, along with declining trust in fiat currencies amid upcoming rate cuts, will keep gold prices elevated,” market experts said. On the Multi Commodity Exchange (MCX), gold prices have already touched Rs 1,22,284 per 10 grams for the December contract this week.
Analysts said the rally is being driven by global economic uncertainty, geopolitical tensions, and rising hopes of interest rate cuts by the US Federal Reserve. “A weaker US dollar has made gold more affordable for investors holding other currencies, further supporting demand,” they noted. On Monday, gold and silver prices continued their upward move amid rising tensions between the US and China.
During the early trade, MCX Gold December futures were trading 1.62 per cent higher at Rs 1,23,313 per 10 grams, while MCX Silver December futures rose 3.44 per cent to Rs 1,51,577 per kg. Globally, spot gold hit a record high above $4,060 per ounce on Friday, marking its eighth consecutive weekly gain, while silver climbed 1.1 per cent to approach $51 per ounce.
The latest surge comes as the US and China exchange sharp words over trade tariffs. On Sunday, China urged the US to stop threatening new tariffs and return to negotiations, warning of retaliation if new measures were imposed. Over the weekend, US President Donald Trump, who had earlier threatened 100 per cent tariffs on Chinese goods, appeared to soften his stance in his latest remarks.
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