Gold price today: Gold soared to a new all-time high of ₹1,06,199 per 10 grams on Wednesday, marking its 11th consecutive session of gains as investors flocked to safe-haven assets amid uncertainty over US trade tariffs and weakness in global equities.
The most active October gold futures rose ₹407, or 0.38 per cent, to reach a record high of ₹1,06,199 per 10 grams in early trade on the Multi Commodity Exchange.
Intensifying market uncertainty and the risk of trade tensions, the U.S. administration under President Donald Trump announced plans to seek an expedited Supreme Court ruling on tariffs deemed illegal by a U.S. appeals court last week.
Meanwhile, Trump has continued to pressure the Federal Reserve to cut interest rates and has even publicly spoken about the possibility of removing Fed Chair Jerome Powell.
“The price of gold broke above $3,500 for the first time, reflecting heightened expectations of a Federal Reserve rate cut amid softening inflation and a depreciating US dollar. The latest CPI data has reinforced hopes that the Fed will pivot toward monetary easing. Simultaneously, investors are seeking refuge in gold as political risks resurface—particularly with concerns over Trump’s proposed tariffs and the contested legality of his firing of Fed Governor Lisa Cook. Market participants are closely watching the upcoming jobs report, which may help determine the scale of the anticipated rate cut,” said Rahul Kalantri, VP Commodities at Mehta Equities Ltd.
Will Gold continue to rally or bounce back by the end of 2025 in India?
Gold prices in India are projected to remain on an upward trajectory, ranging between ₹99,500 and ₹1,10,000 per 10 grams for the remainder of 2025, and climbing further to ₹1,10,000– ₹1,25,000 in the first half of 2026, according to a report by ICICI Bank’s Economic Research Group.
“Risks to these projections are to the upside if the INR trades at a much depreciated level against the USD than our projections. We have assumed an average range of 87.00-89.00 for the USD/INR pair for the period,” noted the report.
The report further highlighted that global gold prices have jumped nearly 33 per cent in 2025, driven by expectations of monetary easing from the US Federal Reserve and ongoing institutional concerns over the US economy.
Analysts project that global bullion will average between $3,400 and 3,600 per ounce for the rest of 2025 and may rise further to $3,600–3,800 per ounce in the first half of 2026.
On the other hand, Renisha Chainani, Head – Research at Augmont, said that gold can reach $3,700 or ₹1.10 lakh in the next few weeks of September.
“President Trump’s decision to dismiss Fed Governor Lisa Cook, ongoing global concerns, and anticipation of a September interest-rate cut have all contributed to gold’s more than 35% year-to-date increase on safe-haven demand. If macroeconomic risks remain elevated, gold prices could feasibly target $3700 (~ ₹1.10 lakh) in the next few weeks in September and $4000 (~ ₹1.20 lakh) in the next few months by the end of 2025,” Chainani said.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
