Gold Hits Record High Above $4,300 Per Ounce, Poised for Strongest Weekly Gain in Five Years

On October 17, 2025, Gold prices soared to an unprecedented high above $4,300 per ounce, setting the stage for its most significant weekly rally in half a decade. Spot gold rose 0.3% to $4,336 per ounce as of 02:33 GMT, having touched an intraday peak of $4,379. Meanwhile, US gold futures for December delivery climbed 1% to $4,349 per ounce.

Gold Prices in India

In India, this surge translated into retail prices of ₹13,277 per gram for 24-karat gold, ₹12,170 per gram for 22-karat gold, and ₹9,958 per gram for 18-karat gold (based on 10-gram rates). Gold bullion has gained approximately 8% this week, marking its strongest weekly performance since March 2020.

Key Drivers Behind the Rally in Gold Prices

• As per experts, the sharp rally is due to a mix of global economic uncertainties, growing expectations of US interest rate cuts, and sustained safe-haven demand.
• Geopolitical tensions also played a critical role. The announcement of a new summit between US President Donald Trump and Russian President Vladimir Putin to discuss the Ukraine conflict heightened market risk perceptions. Simultaneously, continued sanctions by Western nations, including the UK, against Russian oil companies intensified risk aversion, further boosting demand for safe assets like gold.

Also Read: Dubai Gold Rate: What Is the Price of 22K and 24K Gold in Dubai Today, October 17, 2025?

Gold Year to Date Surge

Year-to-date, gold prices have surged over 65%, fueled by central bank acquisitions, strong inflows into gold ETFs, ongoing geopolitical unrest, and market anticipation of additional interest rate reductions.

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