Overview

• International spot gold touched about $3,949 per ounce and December futures printed as high as $3,973, while silver climbed toward $48.75.
• Delhi retail prices jumped to roughly Rs 1,30,300 per 10 grams and 99.5% purity gold reached Rs 1,22,700, with rupee weakness amplifying gains.
• MCX gold futures set fresh highs, with the December contract near Rs 1,20,075 per 10 grams and longer-dated contracts also marking records.
• The rally reflects the US government shutdown delaying key data, expectations for Federal Reserve rate cuts, and sustained central‑bank and ETF demand, with hedge funds holding record gold exposure.
• Analysts see $4,000 as plausible in the near term yet warn the surge looks stretched, and they flag potential for sharp pullbacks even as festive buying supports parts of India’s physical market.