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Mumbai: Gold and silver prices kept climbing on Thursday, riding a wave of optimism after the US government finally ended its long shutdown. Investors, still wary about the US economy and hoping for a friendlier Federal Reserve, rushed toward precious metals for some safety.
Over at the Multi Commodity Exchange (MCX), gold futures for December delivery shot up by Rs 1,180, landing at Rs 1,27,645 per 10 grams. The February 2026 contract did even better, leaping Rs 1,360 to Rs 1,29,320 per 10 grams. Silver didn’t miss out either—it’s now on a five-session winning streak. The December silver contract surged Rs 3,123 to hit Rs 1,65,214 per kilogram, while the March 2026 contract jumped Rs 3,369 to Rs 1,68,059 per kilogram.
Globally, gold prices are on a tear too. Comex gold futures for December delivery climbed USD 23.20 to USD 4,236.80 an ounce, hanging close to a three-week high. Jigar Trivedi from Reliance Securities pointed out that gold is staying strong above USD 4,200, with uncertainty in the US economic outlook and hopes for more Fed rate cuts keeping the rally alive.
All this happened just after President Trump signed off on the budget, reopening the government and closing the book on the country’s longest-ever shutdown. But there’s a catch: the White House warned that the delay in releasing key economic data—like jobs and inflation numbers—could make it tough to read short-term growth.
Silver, meanwhile, smashed records on the global stage. Comex silver futures for December delivery jumped 1.79 percent to USD 54.41 an ounce, a new all-time high. Analysts say silver’s nearly 12 percent surge this week comes as investors pile into both safe-haven and industrial metals.
Renisha Chainani from Augmont says the budget deal didn’t just secure funding through 2026—it also set up Congress for another funding deadline on January 30, which is making investors even more cautious.
Plus, the US recently added silver, copper, and metallurgical coal to its list of critical minerals. That move has given metals prices another boost, driving up both precious and industrial metals across global markets.
