Gold rates: Gold broke all records on MCX, reaching over ₹114,000; yet why are people buying gold in abundance?

Gold Rate Today: Gold has once again broken all records on the Multi-Commodity Exchange (MCX). The price of gold on MCX has reached ₹114,179 per ten grams. On September 23, 2025, gold opened at ₹112,200 on MCX and reached ₹114,179.

Experts Explain Why Gold Is Running
Rahul Kalantri, Vice President, Commodities, Mehta Equities, said, "The US Fed's 25 basis point interest rate cut and the prospect of additional concessions by the end of the year have strengthened sentiment towards gold, while a softening dollar index and a weak rupee have also boosted sentiment. Continued buying by central banks, strong ETF inflows, and safe-haven buying have further strengthened the precious metal."

Aksha Kamboj, Vice President of the India Bullion and Jewellers Association and Executive Chairman of Aspect Global Ventures, emphasized that gold prices (Gold Rate News) have risen rather than retreated, and those who have purchased gold are choosing to hold their positions rather than sell.

Silver Also Rising Along With Gold
Not only gold, but silver is also rising at a rapid pace. Gold and silver prices on MCX reached new record levels in morning trade on Tuesday, September 23. MCX gold October futures rose nearly 2 percent to a record high of ₹1,14,163 per 10 grams, while MCX silver December futures rose more than 1 percent to a record high of ₹1,34,980 per kilogram.

Gold has gained 47% so far this year. Growing global uncertainties, strong retail demand, aggressive buying by central banks, expectations of interest rate cuts, and a weak US dollar have driven gold prices this year. Spot gold prices in India have risen 47% so far this year.

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