Gold price today: MCX gold, silver hit record highs; experts highlight key levels to watch

Gold price today: Gold and silver rates on the MCX jumped to fresh record highs in morning trade on Tuesday, September 23, amid positive global cues and lingering Trump's tariff-related concerns.

MCX Gold October futures jumped nearly 2 per cent to hit a record high of ₹1,14,179 per 10 grams, while MCX Silver December futures rose over a per cent to a record high of ₹1,35,557 per kg.

MCX Gold October futures traded 1.56 per cent up at ₹1,13,986 per 10 grams around 6:15 pm, while MCX Silver December futures traded 1.27 per cent up at ₹1,35,255 per kg at that time.

Gold prices have seen stellar gains this year due to heightened global uncertainties, robust retail demand, aggressive central bank buying, rate cut hopes, and a weaker US dollar. Spot gold prices in India have jumped 47 per cent this year so far.

Strong festive demand is another factor that is boosting gold prices.

"The US Fed’s 25 basis points rate cut and prospects of additional easing by year-end have boosted sentiment for gold, while a subdued dollar index and weaker rupee added momentum. Persistent central bank purchases, strong ETF inflows, and safe-haven buying have further fuelled the precious metals’ strength," Rahul Kalantri, VP of commodities at Mehta Equities, observed.

On the global front, the dollar index dropped over 0.10 per cent to 97.20, making bullion cheaper in other currencies and enhancing its demand.

The market is discounting two more rate cuts this year. According to Reuters, the CME FedWatch tool suggests investors see a 90 per cent chance of a 25-basis-point rate cut in October and a 75 per cent chance of another cut in December this year.

Aksha Kamboj, Vice President of the India Bullion and Jewellers Association (IBJA) and Executive Chairperson of Aspect Global Ventures, underscored that rather than pull back, gold prices have gone up, and those who have bought gold appear to prefer to hold on to their positions rather than offload.

There may be profit booking, however, the general view is one of positive momentum, and gold seems well supported at current levels," said Kamboj.

Gold and silver: Key levels to watch

Kalantri said gold has support at $3,715-3,685 while resistance is at $3,775-3,790. Silver has support at $43.40-43.00 while resistance is at $44.00-44.30.

In INR, gold has support at ₹1,11,670-1,11,380, while resistance is at ₹1,12,650-1,12,900. Silver has support at ₹1,32,450-1,31,750 while resistance is at ₹1,34,850, 1,35,600, said Kalantri.

According to Manoj Kumar Jain of Prithvifinmart Commodity Research, gold has support at $3,744-3,717, while resistance is at $3,800-3,840 per troy ounce, and silver has support at $43.80-43.20, while resistance is at $44.50-45.10 per troy ounce in today’s session.

Jain said MCX Gold has support at ₹1,11,800-1,11,180 and resistance at ₹1,12,800-1,13,300, while silver has support at ₹1,32,300-1,31,000 and resistance at ₹1,34,500-1,36,000.

Jain suggests buying gold around ₹1,11,800 with a stop loss of ₹1,11,180 for the target of ₹1,13,000 and buying silver around ₹1,32,500 with a stop loss of ₹1,31,200 for the target of ₹1,35,000.

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Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.