Gold Price Today Highlights: MCX gold price crashes ₹2,800 from record high — What's behind the fall? Explained

"Gold and silver prices retreated from record highs in the European trading session on Monday as traders booked profit after a record-breaking rally," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, told PTI.

Gandhi further stated that both gold and silver are in overbought territory on higher time frames, which is indicated as a caution sign and a need for healthy correction before the rally continues.

"We expect bullion prices to face further corrective pressure as investors adjust and re-balance positions at month-end and year-end," he said.

Gold prices trade ₹1923, or 1.37%, lower at ₹137950 per 10 grams in trade today. During the day, it hit the day's peak of ₹140,444 and a low of ₹137,646.

Gold traded weak with a decline of around ₹1,500 to ₹1,38,300 on MCX, while Comex gold slipped by nearly $70 to $4,463 amid high volatility. Profit booking emerged after Comex failed to sustain above the $4,550 zone, while ₹1,40,500 acted as a resistance area in MCX. The broader trend remains volatile as markets reassess positions after the recent sharp rally. This week, the Federal Reserve’s meeting minutes will be a key trigger, while the U.S. holiday period could keep trading volumes relatively thin. Gold is expected to remain volatile in the range of ₹1,35,000– ₹1,42,000 in the near term.

— Views by Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities

Gold is more appropriate as a core allocation to help provide portfolio stability, while silver remains an option for higher-risk, higher-reward asset, rather than a primary allocation.

— Ross Maxwell, Global Strategy Operations Lead, VT Markets

MCX Gold extended its winning streak for seven weeks in a row. It surged to a record level of ₹1,09,800 in the domestic market, rallying more than 4% last week. The near-term trend remains strong as it is comfortably placed above the 9 and 60 EMAs on the weekly chart. Additionally, the RSI is trading above the 70 level, signalling strong upside momentum in the near term. We expect the metal to trade with a positive bias as long as it sustains above the ₹1,30,000 level on a weekly closing basis.

Recommendation: We recommend buying MCX Gold around ₹1,37,000 with a stop-loss below ₹1,35,500 and targets of ₹1,39,000.

— Axis Securiti

Gold and Silver surged over the past year on the back of a powerful mix of macro stress, structural demand, monetary policy changes, and overall unrest. Meanwhile, silver, along with safe haven buying was also supported by industrial demand and physical tightness. We continue to believe these factors along with change in BOJ’s policy, change in Fed governor and ripple effect of tariff’s could be possible themes impacting bullion in 2026. ETF inflows could remain influential, while speculative positioning and macro drivers such as currency dynamics, and global growth prospects will dictate shorter‑term trends.

– MOSL

In our view, if Investors want to allocate funds into precious metals, they should in ratio of 1:2 in Gold and Silver respectively. Gold has delivered nearly +80% returns in 2025 due to its Safe haven appeal in the scenarios like geo-political uncertainties around the world, recession, speculation around major bank’s rate and Central bank’s buying.

— Aamir Makda, Commodity & Currency Analyst, Choice Broking

Spot gold was down 1.7% at $4,455.34 per ounce, as of 0707 GMT, after hitting a record high of $4,549.71 on Friday. U.S. gold futures for February delivery lost 1.2% to $4,500.30 per ounce.

"A combination of profit-taking and seemingly productive talks between Trump and Zelensky regarding a potential peace deal have put gold, silver on the back foot," KCM Trade Chief Market Analyst Tim Waterer told Reuters.

Gold remains in a strong primary uptrend on the weekly timeframe, with price continuing to hold above its rising 20-week and 50-week moving averages. The long-term structure shows a sequence of higher highs and higher lows, confirming the bullish trend. Weekly MACD is in positive territory, albeit with slightly flattening histograms—indicating a possible slowdown but no reversal yet. In MCX, the trend is likely to remain upside. Gold has support at 132000 and resistance at 144000.

— Nirpendra Yadav, Sr. Commodity Research Analyst at Bonanza

Gold and silver are likely to hold their ground this week, as traders are awaiting meeting minutes of US Federal Reserve's FOMC, which will provide cues on the monetary policy outlook.

MCX gold rate tumbles nearly ₹1,000 to hit the day's low of ₹138,930 per 10 gram. From the all-time high levels, prices have slumped by ₹1,535 per kg.

"Gold dropped on Monday slightly retreating from its record, likely due to profit-taking after President Donald Trump comments that peace talks with Ukrainian President Volodymyr Zelenskiy have made 'a lot of progress,' though a deal may take weeks," Jigar Trivedi, Senior Research Analyst at Reliance Securities, said.

"Gold futures for February delivery may decline to ₹1,39,400/10g as the undertone in the international market too is slightly weak," Trivedi said.

Goldman Sachs has pegged its December 2026 gold price target at $4900. The brokerage said it sees upside risk to gold price forecast from a potential broadening of diversification to private investors.

Gold ETFs account for just 0.17% of US private financial portfolios, 6 basis points below its 2012 peak. "We estimate that every 1bp increase in the gold share of US financial portfolios—driven by incremental investor purchases rather than price appreciation—raises the gold price by 1.4%," it said.

COMEX Gold futures are consolidating near record highs in the $4,515–$4,540 per ounce range, with the multi-year bullish breakout firmly intact. Price action continues to display resilience, driven by persistent safe-haven demand, record central-bank purchases, ETF inflows, and expectations of further monetary easing. Pullbacks have remained shallow and are being bought aggressively. A sustained hold above $4,565 could open near-term targets of $4,600–$4,650, while strong support is anchored in the $4,500–$4,450 zone. The broader trend remains decisively bullish.

— Ponmudi R, CEO of Enrich Money

Rahul Kalantri, VP Commodities, Mehta Equities, said that the yellow metal has support at $4470-4425 while resistance is at $4555-4570. In INR, gold has support at Rs1,38,550-1,36,310 while resistance is at Rs1,41,350-1,42,670.

According to Ponmudi R, MCX Gold futures are trading near all-time highs around ₹1,40,183, maintaining a powerful uptrend marked by higher highs and higher lows.

“Domestic prices continue to find support from global strength and rupee dynamics. A decisive breakout above ₹1,40,500 could accelerate the rally toward ₹1,45,000– ₹1,50,000 in the coming phase, while firm support is placed at ₹1,38,000– ₹1,36,400. The overall structure continues to favour buying on declines,” he said.

Gold's market cap is eight times that of silver, according to latest data from companiesmarketcap.com. Gold has a market cap of $31.537 trillion — making it the world's most valuable asset. Silver, meanwhile, has a market cap of $4.470 trillion, which is one-eight of gold.

Central bank buying has been a key driver of gold prices this year. Goldman Sachs expects central bank gold buying to remain strong in 2026, averaging 70 tonnes per month (close to its 66 tonnes 12-month average, but four times above the 17 tonnes pre-2022 monthly average), and contribute about 14pp to our predicted price increase by Dec-26 for three reasons.

First, the freezing of Russia’s reserves in 2022 was a sea change in how EM reserve managers perceive geopolitical risks. Second, the estimated gold reserve share of EM central banks such as the PBoC remains relatively low versus global peers, especially given China’s ambition to internationalize the RMB. Third, surveys show record-high central bank gold appetite.

Gold price rally this year has been helped by a cocktail of factors, including the US Federal Reserve's interest rate cuts and bets of further easing, geopolitical tensions, robust demand from central banks as countries look to move away from U.S. securities and the dollar, and rising holdings in exchange-traded funds.

On the geopolitical front, US President Donald Trump said on Sunday that he and Ukrainian President Volodymyr Zelenskiy were "getting a lot closer, maybe very close" to an agreement to end the war in Ukraine, which could pressurise the precious metal.

Gold prices rose by ₹570 in early trade on Monday to hit the day's high of ₹140444 per 10 gram. It stayed close to the record high of ₹140465 hit on Friday.

Charu Chanana, chief investment strategist at Saxo, said precious metals have been lifted this year by a powerful mix of rate-cut tailwinds and hedging against geopolitical and fiscal uncertainty.

Silver is outshining gold for several reasons. For one, the market is thinner. Tighter inventories and liquidity that can evaporate quickly; while the London gold market is underpinned by around $700 billion of bullion that can be lent out in the event of a liquidity squeeze, no such reserve exists for silver. That historic supply squeeze happened in October.

Gold fell 0.9% to $4,495.73 an ounce, below a record of $4,549.92 hit on Friday.

Gold has been helped by a cocktail of factors, including the U.S. Federal Reserve's interest rate cuts and bets of further easing, geopolitical tensions, robust demand from central banks as countries look to move away from U.S. securities and the dollar, and rising holdings in exchange-traded funds.

On the Multi Commodity Exchange (MCX), gold futures rose to hit a lifetime high of ₹1,40,465 per 10 grams on Friday. In the international markets, prices touched a record high of $4,584 per ounce on the Comex, ending the holiday-shortened week with solid gains.