Gold & Silver Rates: MCX yellow metal futures scale fresh peak of Rs 1,14,179; catch city-wise spot prices

Gold and Silver at Record Highs: Domestic gold and silver rates scaled all-time highs on Tuesday, tracking global benchmarks. On MCX, gold futures (October 3) hit an unprecedented Rs 1,14,179  during the session while the silver contract hit a record Rs 1,34,990 in the morning session. The yellow metal gained by as much as Rs 1,949 or 1.7 per cent while the white metal surged by Rs 1,435 or 1.1 per cent, with analysts attributing the rise to a mix of global central bank buying, increasing ETF inflows, and safe-haven buying. 

At 3 pm, the MCX gold contract as up 1.6 per cent at Rs 1,13,980 while MCX silver was up 0.9 per cent at Rs 1,34,806, within inches from the latest all-time highs.

Globally, spot gold and silver benchmarks hit record highs of $3,791.1 and $44.2 an ounce, respectively. 

The rupee depreciated to an all-time low of 88.53 against the US dollar in Tuesday’s trade. Weakness in the rupee tends to support domestic precious metal rates as it increases the import costs of gold and silver.

Meanwhile, last week, 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.

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How analysts view gold and silver rates

“We expect gold and silver prices to remain volatile this week amid volatility in the dollar index, volatility in the global financial markets, and ahead of the US core PCE price index data… Gold is expected to trade in the range of $3,654-3,840 per troy ounce and silver is expected to trade in the range of $42.40-45.50 per troy ounce this week. Gold has support at $3744-3717 and resistance at $3800-3840 per troy ounce, and silver has support at $43.80-43.20 and resistance is at $44.50-45.10 per troy ounce on Tuesday,” said Manoj Kumar Jain, director at Prithvi Finmart.

At MCX, he expects support and resistance for gold at Rs 1,11,800-1,11,180 and Rs 1,12,800-1,13,300, and for silver at Rs 1,32,300-1,31,000 and Rs 1,34,500-1,36,000, respectively.

“We suggest buying gold around Rs 1,11,800 for a target of Rs 1,13,000 with a stop loss at Rs 1,11,180, and buying silver around Rs 1,32,500 for a target of Rs 1,35,000 with a stop loss at 1,31,200,” noted Jain.  

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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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