Gold prices on Wednesday surged by Rs 1,244, reaching a new all-time high of Rs 1,27,500 per 10 grams in domestic futures trade, while the yellow metal breached the USD 4,200 per ounce level in global markets, fuelled by strong safe-haven demand.

Analysts said traders rushed to safe-haven assets after renewed geopolitical and trade worries clouded the global economic outlook.

The sentiment was further buoyed by remarks from US Federal Reserve Chair Jerome Powell, who hinted at possible monetary easing later this year.

On the Multi Commodity Exchange (MCX), gold futures for December delivery rose by Rs 1,244, or 0.98 per cent, to hit a record of Rs 1,27,500 per 10 grams.

Similarly, the February 2026 contract advanced by Rs 943, or 0.73 per cent, to a new peak of Rs 1,28,435 per 10 grams

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