Gold Makes Fastest Rally of Rs 20,000 in 140 Days to Touch Rs 1 Lakh on MCX
Gold and silver prices soar amid global tensions and market uncertainties
Chennai: In the fastest rally in 35 years, gold prices on Multi Commodity Exchange hit Rs 1 lakh mark on Friday, and the Delhi spot market saw both gold and silver prices touching record highs as geopolitical tensions in the Middle East added to the global uncertainties.
On MCX, gold made a new high of Rs 1,00,400, gaining Rs 20,000 in a span of 140 days. In 2025, gold gained Rs 10,000 from Rs 80,000 per 10 gm to Rs 90,000 in a short duration of 66 days, and it gained an additional Rs 10,000 in another 74 days.
“This is the fastest rally of gold in the past 35 years. On April 21, gold had made a high of Rs 99,358 and then fell back to Rs 90,890 by May 12. In the past month, gold has recovered more than Rs 9,500 per 10 gm,” said Ajay Kedia, MD, Kedia Commodities.
Gold has risen from Rs 7,638 per 10 gm in 2005 to Rs 1,00,000 in June 2025, marking a 1,200 per cent surge in 20 years. Gold delivered positive returns in 16 of the past 20 years. In contrast, the Sensex grew 814 per cent and silver gained 668 per cent during the same period.
On Friday, in the Delhi spot market, gold made a new high of Rs 1,02,000 from the previous closing of Rs 99,800. On April 12, gold in the spot market had touched Rs 1 lakh mark. In the international market gold saw prices moving up to $3432 per ounce, a tad lower than the all-time high of $3450 touched in April.
While gold’s recovery was on for the past few weeks, on Monday, the tensions between Iran and Israel added to the global uncertainties. The renewed conflict in Russia-Ukraine was supporting gold when the Middle East conflict increased geo-political tensions.
Meanwhile, the inflation data in the US triggered speculations of a further rate cut by the US Federal Reserve. Global recession fears and tariff war fuelled safe-haven demand. The possibility of extending the 90-day pause on reciprocal tariffs for countries with which it is in trade talks has also supported gold.
Kedia expects the gold market to remain choppy going ahead. Prices moving up to Rs 1,05000 and Rs 1,08000 cannot be dismissed.
“I am more bullish for silver as the fundamentals in terms of supply deficit, increased industrial usage, ETF buying and the gold-silver ratio are supporting silver movement,” he said.
Silver was trading around Rs 1,06400 per 1 kg on the MCX on Friday. Kedia Commodities expects silver to touch Rs 1,30,000 per kg in 2025.