Gold and Silver Prices Ease After Record Highs
The gold rate today fell slightly in early trade as investors booked profits following a strong rally in previous sessions. On the MCX (Multi Commodity Exchange), gold and silver futures declined amid easing geopolitical tensions and reduced demand at elevated prices.
As per LiveMint’s latest report, MCX gold December futures slipped 0.08% to trade at ₹1,20,401 per 10 grams on Friday morning, while MCX silver December futures dropped 0.56% to ₹1,45,500 per kg. The recent softening comes after both precious metals hit record highs earlier this week—MCX gold at ₹1,23,677 and MCX silver at ₹1,53,388.
Market analysts attribute the decline to easing Middle East tensions after Israel’s government approved a US-brokered ceasefire deal with Hamas. The reduction in safe-haven demand prompted traders to take profits after gold’s extended bull run.
Global Factors Impacting Gold Price Today
While profit-taking weighed on domestic prices, a weaker US dollar provided some support to international bullion markets. The US dollar index slipped by over 0.20%, making gold cheaper for foreign buyers and cushioning the fall in global gold rates.
“Gold prices have seen a brief correction as easing geopolitical risks encouraged investors to book profits in safe-haven assets,” said Darshan Desai, CEO of Aspect Bullion & Refinery. “However, gold remains on track for its eighth consecutive weekly gain, supported by global economic uncertainties and expectations of a US Fed rate cut later this year.”
According to Reuters, traders expect a 25-basis-point rate cut by the US Federal Reserve in both October and December, with the probability at 95% and 82% respectively. Lower interest rates tend to favor gold, as they reduce the opportunity cost of holding non-yielding assets.
Key MCX Levels to Watch
Analysts from multiple brokerage firms have identified crucial support and resistance levels for both MCX gold and silver:
- Gold support: ₹1,19,100 and ₹1,17,700 per 10 grams
- Gold resistance: ₹1,21,650 and ₹1,23,100 per 10 grams
- Silver support: ₹1,44,400 and ₹1,41,000 per kg
- Silver resistance: ₹1,48,800 and ₹1,51,500 per kg
In dollar terms, gold has support at $3,944 and $3,910 per troy ounce, while resistance lies between $4,040 and $4,080.
Manoj Kumar Jain of Prithvifinmart Commodity Research advised traders to stay cautious amid volatility. “We suggest traders avoid fresh entries in gold and silver today due to high price fluctuations. Long-term investors can consider systematic investments as the long-term fundamentals remain positive,” he said.
City-Wise Gold Rate Today
As of Friday morning, the gold price today varied slightly across major Indian cities due to local taxes and logistics:
- Gold rate today Chennai: around ₹1,21,800 per 10 grams
- Gold price today Delhi: around ₹1,20,900 per 10 grams
- Gold price today Mumbai: around ₹1,20,700 per 10 grams
- Gold rate today Kolkata: around ₹1,21,000 per 10 grams
Silver prices also saw modest declines across metro markets, tracking MCX trends.
Should You Buy Gold Now?
Experts believe that the recent dip presents a buying opportunity for long-term investors. Despite the short-term correction, gold remains supported by a weak global economic outlook, political instability in several countries, and expectations of lower interest rates in the coming quarters.
According to Rahul Kalantri, VP of Commodities at Mehta Equities, “The short-term trend may be sideways, but any sharp decline will attract buyers at lower levels. Global uncertainties—including concerns about the US government shutdown and Federal Reserve policy—will likely sustain investor interest in gold.”
He added that MCX gold could remain volatile in the near term, but the broader trend remains bullish, especially if inflation persists and central banks continue diversifying their reserves toward gold.
Outlook Ahead
With the MCX witnessing steady investor interest and growing participation from retail traders, experts forecast continued momentum in the precious metals segment through the festive season. As inflation fears and global political tensions persist, gold’s safe-haven appeal remains intact.
For now, investors are advised to monitor global cues, especially the US inflation data and upcoming Fed statements, which could shape the direction of gold prices in the next few weeks.
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