India, Oct. 17 -- Gold prices skyrocketed to an all-time high on Friday, driven by surging safe-haven demand as investors reacted to intensifying global economic concerns and growing hopes of monetary easing by the U.S. Federal Reserve.

On the Multi Commodity Exchange (MCX), gold futures for December delivery jumped Rs.2,442 or 1.88%, to a record Rs.1,32,294 per 10 grams. The February 2026 contract also surged Rs.2,927 or 2.23%, touching a new peak of Rs.1,34,024 per 10 grams - marking the sixth straight session of gains.

"Gold continues to rally to unprecedented levels as fears of a potential U.S. credit crisis overshadow optimism around improving U.S.-Russia ties. A weaker dollar and expectations of Fed rate cuts are further fueling t...