In India, the world’s second-largest consumer of gold, futures prices for October delivery on the MCX reached an all-time high of Rs 1,06,199 per 10 grams, rising by Rs 407 in a single session.
Analysts say the surge reflects both international momentum—where spot gold crossed $3,537 per ounce—and steady domestic demand ahead of the festive season. With Diwali and the wedding season approaching, traders expect buying interest to stay firm despite record prices.
The weaker rupee and global uncertainties are also adding to the price pressure. Still, jewellers note that consumer sentiment has not cooled significantly, as gold retains its status as both a safe-haven investment and a traditional purchase during festivals.
Market watchers note that the rally is also tied to rising bond yields globally, which highlight fiscal and inflation concerns. In such a climate, gold is increasingly seen as a hedge against both economic volatility and currency risks.
Looking ahead, all eyes are on the upcoming US jobs report due Friday. A weak set of employment numbers could strengthen the case for a rate cut and push gold even higher. For now, bullion continues to find strong support from investors seeking safety, marking one of its most sustained rallies in recent history.
