Gold & Silver Rate Today: Yellow metal futures within Rs 1,000 of all-time high; indicative spot prices in top cities

Gold and Silver Prices Today, September 19: Domestic gold and silver futures rose on Monday, with near-month contracts around Rs 1,000 and Rs 1,500 of their all-time highs of this week, respectively. On MCX, gold futures (October 3) gained by as much as Rs 626, or 0.6 per cent, to Rs 1,09,678 while silver futures (December 5) rose by Rs 1,813, or 1.4 per cent, to an intraday high of Rs 1,28,945. 

MCX gold and silver futures not far from this week’s all-time highs 

This week, the gold and silver contracts scaled record highs of Rs 1,10,666 and Rs 1,30,450 respectively. 

Gold has been riding on a mix of factors including weakness in the US dollar, geopolitical tensions, tariff risks and rapid central bank buying with aspects like supply contraints propping up silver rates. 

At 12:25 pm, gold futures were up 0.3 per cent at Rs 1,09,390 while the silver contract was up 1.0 per cent at Rs 1,28,350.

Gold and silver futures rise | A quick take on key triggers

The rupee was last seen trading 14 paise lower at 88.27 against the US dollar, not far from last week’s all-time low of 88.47. 

Weakness in the rupee tends to support domestic precious metal rates as it increases the import costs of gold and silver.

The Fed cut the key US lending rate by a quarter per cent this week, as widely expected, leading to a surge in global equities and milder safe-haven demand for precious metals. Yet, many analysts view geopolitical tensions and central banks buying as key factors that can continue to support gold and silver prices at lower levels.

All eyes are also on the upcoming wedding and festive season in India, which typically sees higher demand for physical gold in the world’s second-largest yellow metal-consuming country. 

“We expect gold and silver prices to remain volatile on Friday session amid volatility in the dollar index and volatility in the global financial markets. Gold is expected to trade in the range of $3,634-3,720 per troy ounce and silver in the range of $41.20-42.70 per troy. Gold has support at $3,654-3,634 and resistance at $3,700-3,720 per troy ounce. Silver has support at $41.50-41.20 and resistance at $42.40-42.70 per troy ounce,” said Manoj Kumar Jain, director at Prithvi Finmart.

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MCX resistance and support levels

Jain has pegged key levels in both precious metal contracts as follows: 

Support

• Gold: Rs 1,08,650-1,08,200 
• Silver: Rs 1,26,200-1,25,400 

Resistance 

• Gold: Rs 1,09,400-1,09,850
• Silver: Rs 1,28,000-1,28,850

Time to sell silver on rise?

The analyst suggests selling silver around Rs 1,27,500 for a target of Rs 1,26,000 with a stop loss at Rs 1,28,200..  

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Now, let’s get to the indicative spot gold rates in major cities:

Retail gold prices in major cities (per 10 grams):

Please note: These are indicative rates for reference only. Actual rates may vary.

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