Gold price today: Rates rise on dollar's weakness; experts highlight key MCX levels to watch

Gold price today: Rates of gold and silver jumped on the MCX in morning trade on Friday, September 19, on healthy spot demand and the dollar's weakness. MCX Gold October futures were 0.43 per cent up at ₹1,09,520 per 10 grams around 9:45 am, while MCX Silver December futures were 1.31 per cent up at ₹1,28,802 per kg at that time.

The subdued US dollar amid anticipation of further rate cuts by the US Federal Reserve is supporting gold prices.

According to Reuters, the CME Group's FedWatch tool showed traders are pricing in a 92 per cent chance of another 25-basis-point cut by the Fed in October.

On September 17, the US central bank trimmed federal funds rates by 25 basis points and indicated that two more rate cuts could occur this year.

"The median participant projects that the appropriate level of the federal funds rate will be 3.6 per cent at the end of this year, 3.4 per cent at the end of 2026, and 3.1 per cent at the end of 2027. This path is 1/4 percentage point (25 bps) lower than projected in June," said Fed Chair Jerome Powell.

Monetary easing, central bank buying and geopolitical uncertainties have driven gold prices this year. Domestic spot gold prices have surged nearly 45 per cent in 2025 so far.

In the previous session, the MCX Gold October futures contract settled at ₹1,09,052 per 10 grams, losing 0.70 per cent on profit booking after a strong rebound in the dollar index and US 10-year bond yields.

Experts expect gold prices to witness occasional profit booking due to volatility in the dollar index. However, they remain positive about the prospects of gold prices for the year.

"The long-term trend of gold and silver is positive. As the Fed rate cut has happened, there may be some profit booking. We recommend buying on dips only, not on the current levels. MCX Gold may rise to the ₹1,13,000-1,15,000 range by the end of the year," said Anuj Gupta, a SEBI-registered commodity expert.

Experts highlight key levels for gold, silver

According to Manoj Kumar Jain of Prithvifinmart Commodity Research, gold has support at $3,654-3,634, while resistance is at $3,700-3,720 per troy ounce, and silver has support at $41.50-41.20, while resistance is at $42.40-42.70 per troy ounce in today’s session.

On the MCX, Jain said, gold has support at ₹1,08,650-1,08,200 and resistance at ₹1,09,400-1,09,850, while silver has support at ₹1,26,200-1,25,400 and resistance at ₹1,28,000-1,28,850.

Jain suggests selling silver around ₹1,27,500 with a stop loss of ₹1,28,200 for the target of ₹1,26,000.

Rahul Kalantri, VP of commodities at Mehta Equities, said gold has support at $3,625-3,605 and resistance at $3,670-3,700. Silver has support at $41.50-41.30 and resistance at $42.25-42.50.

In INR, gold has support at ₹1,08,680-1,08,380 while resistance is at ₹1,09,450-1,09,700. Silver has support at ₹1,26,450-1,26,050 while resistance is at ₹1,28,050, 1,29,000, said Kalantri.

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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.