Gold and silver prices soared to new all-time highs on the Multi Commodity Exchange (MCX) on Friday, buoyed by global market optimism, a weakening dollar, and strong domestic demand. The surge marks one of the sharpest weekly gains in precious metals this year, with investors flocking to bullion amid escalating geopolitical tensions and hopes of an imminent US Federal Reserve rate cut.
MCX Gold December futures climbed over ₹2,400, nearly 2 per cent, to reach a record ₹1,32,294 per 10 grams, while MCX Silver December futures hit ₹1,70,415 per kilogram, rising by more than ₹2,750, or 1.6 per cent. In the international market, gold prices are heading for their best weekly performance since 2008, supported by a weaker US dollar and concerns over the deteriorating US-China trade relationship. The dollar index dropped 0.20 per cent, making gold cheaper in other currencies and boosting global demand.
Experts say the current rally reflects not only macroeconomic uncertainties but also a wave of fear-of-missing-out (FOMO) buying in the domestic market. “People are rushing to buy gold, anticipating that prices will rise further,” said Ajoy Chawla, CEO of Titan’s jewellery division, Tanishq. Analysts also point to a 65 per cent year-to-date rise in spot gold prices in India, driven by central bank purchases, ETF inflows, and persistent global instability.
According to Renisha Chainani, Head of Research at Augmont, “The precious metal’s rally is being powered by strong central-bank buying, heightened political uncertainty, and growing expectations of US rate cuts.”
Commodity analysts have outlined key levels for traders to monitor. Manoj Kumar Jain of Prithvifinmart Commodity Research said gold has support at ₹1,28,000–₹1,26,600 and resistance between ₹1,31,000–₹1,33,500, while silver shows support near ₹1,66,000–₹1,64,400 and resistance around ₹1,69,200–₹1,71,000. He suggested accumulating gold and silver on dips and avoiding short positions in the current bullish environment.
Meanwhile, Rahul Kalantri, VP of Commodities at Mehta Equities, projected gold support at ₹1,29,270 and ₹1,28,380, with resistance at ₹1,30,850 and ₹1,31,500. For silver, he noted support near ₹1,66,550 and ₹1,65,650, and resistance at ₹1,68,850 and ₹1,69,950.
With festival season demand on the rise and global markets leaning towards monetary easing, analysts predict that gold and silver could maintain their upward momentum in the coming weeks, making bullion one of the most sought-after assets of the year.
