Gold Extends Record-Breaking Run In Kolkata, Futures Touch Rs 1,12,750

The rally comes amid heightened safe-haven demand and expectations of further easing by the US Federal Reserve following its recent rate cut.

For local buyers in Kolkata, gold is trading firm at Rs 10,480 per gram for 22-karat and Rs 11,433 per gram for 24-karat gold.

Source : Freepik

Kolkata witnessed gold prices climbing to fresh record highs on Tuesday, mirroring the rally in the domestic and international bullion markets. The yellow metal surged by Rs 520 on the Multi Commodity Exchange (MCX), with October futures hitting an unprecedented Rs 1,12,750 per 10 grams. The December contract also jumped by Rs 530 to settle at Rs 1,13,750 per 10 grams, both registering lifetime peaks.

Silver joined the rally, notching up new records as well. December silver futures appreciated Rs 461 to Rs 1,34,016 per kilogram, while the March 2025 contract moved up by Rs 508 to Rs 1,35,397 per kg. The rally comes amid heightened safe-haven demand and expectations of further easing by the US Federal Reserve following its recent rate cut.

Why Global and Domestic Factors Are Driving Prices Higher

Analysts have pointed out a mix of triggers fuelling this surge in bullion. Rahul Kalantri, Vice-President of Commodities at Mehta Equities Ltd, said, “Gold surged to lifetime highs while silver reached its strongest level in nearly 15 years. The Fed’s 25 basis points interest rate cut and prospects of more easing by year-end boosted sentiment. A subdued dollar index and a weaker rupee provided further impetus to domestic bullion prices. Persistent central bank purchases, strong ETF inflows, and safe-haven buying further fuelled the precious metals’ strength.”

In the overseas market, gold futures for December delivery hit a record $3,794.82 per ounce. Silver, however, slipped slightly to $44.19 per ounce. Market participants now await Federal Reserve Chair Jerome Powell’s remarks later today and the release of the Personal Consumption Expenditures (PCE) price index on Friday for more clarity on the monetary policy outlook.

Jigar Trivedi, Senior Research Analyst at Reliance Securities, observed that traders are factoring in the possibility of almost two additional 25 basis point cuts this year as the US labour market continues to weaken. He added, “Investors are also closely tracking geopolitical risks arising from the Russia-Ukraine war and conflicts in the Middle East, which have kept safe-haven demand robust.”

Gold Rate in Kolkata Today

For local buyers in Kolkata, gold is trading firm at Rs 10,480 per gram for 22-karat and Rs 11,433 per gram for 24-karat gold. The steep rally is drawing renewed interest from both retail investors and jewellers in the city, particularly ahead of the festive season.

Amid global uncertainties and inflation concerns, investors in Kolkata are increasingly turning to gold as a hedge against volatility. With prices setting fresh records, the yellow metal remains one of the most attractive assets for those seeking stability and long-term wealth preservation.

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