Gold prices rewrote history in the national capital on Monday, vaulting to an unprecedented ₹1.38 lakh per 10 grams as global turmoil and economic anxiety drove investors decisively toward safe-haven assets.
The sharp surge reflected not speculation, but fear-led conviction, as bullion markets reacted to deepening uncertainty in the United States and beyond.
Data from the All India Sarafa Association showed gold prices climbing ₹1,685 in a single session to settle at a record ₹1,38,200 per 10 grams in Delhi.
The rally underscored the intensity of demand, with buyers rushing to hedge portfolios against volatility, inflation risks, and policy unpredictability.
Silver mirrored gold’s explosive momentum and stunned markets by touching an all-time high of ₹2,14,500 per kilogram, inclusive of taxes.
The white metal surged ₹10,400 per kg, reflecting aggressive buying interest and sustained global price strength.
Traders described the silver rally as broad-based, driven by both investment demand and tightening global supplies.
International markets amplified the bullish sentiment. Spot gold jumped $80.85, nearly 1.9 per cent, to breach a historic $4,420.35 per ounce.
Markets Rattle, Bullion Explodes
Earlier in the day, prices had already climbed past $4,383 per ounce amid growing expectations that the US Federal Reserve may continue cutting interest rates into 2026.
Market analysts said falling interest rate expectations have sharply boosted gold’s appeal. Lower rates reduce the opportunity cost of holding non-yielding assets like gold, prompting investors to rotate capital away from bonds and equities into precious metals.
At the same time, rising fiscal stress and concerns over US economic resilience have reinforced gold’s role as a crisis hedge.
Experts noted that bullion prices have carried strong momentum from last week, when both gold and silver began scaling new peaks following the US Federal Reserve’s third interest rate cut of 25 basis points this year.
That policy move intensified speculation of a prolonged easing cycle, adding fuel to an already overheated bullion market.
Gold has now gained an extraordinary 67 per cent so far this year, supported by geopolitical tensions, trade tariff uncertainties, currency volatility, and slowing global growth signals.
Analysts said the current rally reflects structural demand rather than short-term enthusiasm, suggesting elevated prices may persist.
With risk sentiment fragile across global markets, bullion has emerged as the clearest winner. As equities wobble and currencies fluctuate, gold and silver continue to assert dominance, sending a clear signal that investors are bracing for prolonged economic turbulence.
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