Gold price today: MCX Gold December futures jumped by over ₹2,400, or nearly 2 per cent, to hit a record high of ₹1,32,294 per 10 grams. MCX Silver December futures hit a record high of ₹1,70,415 per kg, rising by over ₹2,750, or 1.6 per cent.
Gold and silver prices jumped to record highs on the Multi Commodity Exchange (MCX) on Friday, October 17, driven by strong global cues, a weaker U.S. dollar, and rising spot demand in the domestic market. The rally has made both precious metals the talk of the financial world, with investors rushing to take advantage of the ongoing momentum. MCX Gold December futures surged by over ₹2,400, or nearly 2 percent, to hit an all-time high of ₹1,32,294 per 10 grams. Silver December futures followed the same trend, rising by more than ₹2,750, or 1.6 percent, to reach a historic level of ₹1,70,415 per kilogram.
In the international market, gold appeared poised for its best weekly performance since the 2008 global financial crisis. Experts attributed the rally to increasing U.S.-China trade tensions, expectations of further interest rate cuts by the U.S. Federal Reserve, and strong central bank buying. The U.S. dollar index also weakened by around 0.20 percent, making gold cheaper for investors holding other currencies, which in turn boosted global demand for the yellow metal. A weaker dollar typically supports bullion prices because it enhances gold’s appeal as a safe-haven asset.
In India, the rally in gold and silver prices has been matched by strong domestic demand. Ajoy Chawla, the CEO of Titan’s jewellery division, Tanishq, said that customers are buying gold aggressively because they expect prices to rise even higher in the coming months. Usually, high prices tend to discourage buyers, but the current trend has created a wave of FOMO — fear of missing out — among investors and jewellery buyers. Despite the record prices, jewellery stores across India have reported increased footfalls, especially ahead of the festive season.
According to market data, domestic spot gold prices have surged by over 65 percent since the beginning of the year. The rally has been fueled by a combination of political and economic uncertainties, strong central bank buying, expectations of U.S. interest rate cuts, and heavy inflows into gold exchange-traded funds (ETFs). Investors are treating gold as a safe bet in a time of global instability. Renisha Chainani, the head of research at Augmont, explained that “the precious metal’s rally is being driven by growing political and economic uncertainties, expectations of further U.S. interest-rate cuts, as well as strong central-bank buying and ETF inflows.”
Chainani also warned investors to be cautious, noting that while gold and silver prices are likely to remain firm in the long term, some profit-booking may occur in the short term as valuations have become stretched. She suggested that those who already hold substantial positions in gold should consider booking partial profits to lock in gains. However, for new investors, she advised buying on dips rather than chasing record highs. “If you already have significant exposure, consider booking partial profits. But for fresh allocations, a better approach is to buy on dips rather than chasing the peak,” Chainani said.
Experts from leading commodity research firms have also outlined important technical levels to help traders navigate this highly volatile market. Manoj Kumar Jain, of Prithvifinmart Commodity Research, highlighted that in the international market, gold has support at $4,240 and $4,180 per troy ounce, while resistance levels are seen at $4,355 and $4,400 per troy ounce. For silver, support is placed at $52.40 and $51 per troy ounce, and resistance levels are at $54.20 and $55. Jain said that on the MCX, gold has support at ₹1,28,000 and ₹1,26,600, while resistance levels are at ₹1,31,000 and ₹1,33,500.
Similarly, silver has support at ₹1,66,000 and ₹1,64,400, with resistance levels at ₹1,69,200 and ₹1,71,000. He recommended a “buy on dips” strategy and cautioned traders against short-selling in the current market environment, where global uncertainty is keeping safe-haven demand strong.
Another expert, Rahul Kalantri, Vice President of Commodities at Mehta Equities, also shared his insights. According to Kalantri, gold in the international market has support at $4,300 and $4,265, while resistance levels are at $4,368 and $4,395. Silver, on the other hand, has support at $53.50 and $52.70, with resistance levels at $54.55 and $55.20 per troy ounce.
In terms of domestic levels, Kalantri said gold has support at ₹1,29,270 and ₹1,28,380, while resistance lies at ₹1,30,850 and ₹1,31,500. Silver’s support levels are ₹1,66,550 and ₹1,65,650, while resistance stands at ₹1,68,850 and ₹1,69,950. Like Jain, Kalantri also advised traders to adopt a staggered buying approach and avoid short positions until a clear reversal pattern emerges.
The recent rally in precious metals has been underpinned by multiple global factors. The ongoing geopolitical tensions between major economies, coupled with the uncertainty surrounding the upcoming U.S. Federal Reserve policy decisions, have led investors to seek safety in gold and silver.
Furthermore, as inflationary pressures persist in several countries, gold continues to serve as a hedge against the declining value of fiat currencies. The market also expects more central banks to reduce interest rates in the coming quarters, which could further weaken yields and strengthen gold’s position as an attractive alternative.
For Indian investors, the situation is even more interesting. Despite the rupee’s volatility, the rise in gold prices has been viewed positively by investors seeking protection against inflation and currency depreciation. Moreover, with the festive season and wedding months approaching, physical demand is expected to remain strong. The psychological factor of gold being a long-term wealth preserver continues to play a major role in keeping Indian consumers invested.
However, experts also advise caution. Short-term corrections cannot be ruled out, especially as traders might book profits after such a steep rally. For those planning to invest now, the best approach is to spread purchases over time instead of entering the market all at once. Financial advisors recommend allocating around 10–15 percent of one’s portfolio to gold for diversification purposes, as it helps balance risks during uncertain economic conditions.
Looking ahead, the overall sentiment in the bullion market remains bullish. Analysts believe that as long as the U.S. dollar remains weak and global uncertainties persist, gold and silver prices could continue to climb. The combination of central bank accumulation, ETF inflows, and sustained retail demand will likely keep the uptrend intact. However, short-term fluctuations should be expected, particularly around key resistance zones.
In conclusion, gold and silver prices on MCX have reached unprecedented levels, reflecting both international and domestic dynamics. The weaker dollar, global political instability, and expectations of a dovish U.S. Federal Reserve have all contributed to this extraordinary rally.
While experts like Renisha Chainani, Manoj Kumar Jain, and Rahul Kalantri remain optimistic about the metals’ long-term outlook, they also stress the importance of discipline and patience in trading decisions. For now, investors are advised to avoid panic buying, wait for healthy corrections, and consider accumulating gold and silver gradually. With the festive and wedding season approaching, the glitter of these precious metals seems set to shine even brighter through the rest of 2025.
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