Gold prices hit record highs: US shutdown, Fed rate cut bets boost demand; silver rallies too

Gold prices surged to unprecedented levels globally and domestically, driven by safe-haven demand amidst the US government shutdown and anticipated Federal Reserve rate cuts. MCX gold futures hit new records, with the February 2026 contract reaching Rs 1,20,845 per 10 grams. Silver also rallied significantly as investors sought safety, despite mixed physical demand.