On October 16, the price of gold contract for delivery in December on MCX hit a record high of Rs 1,28,395 per 10 grams, up by Rs 1,185 or 0.93 per cent. Gold futures for delivery in February 2026 rose by Rs 977, or 0.76 per cent, to an all-time high of Rs 1,29,380 per 10 grams. The spot price of gold in the global market reached an all-time high of $ 4,234 per ounce. Festive demand, increasing tension between America and China and the possibility of the Federal Reserve cutting interest rates twice this year are the main reasons behind this. Apart from this, good purchases by central banks, US government shutdown, increasing investment in ETFs have also increased gold buying.