Gold rate today hits new peak, logging intraday gains of over ₹1,300 per 10 gm. Can it touch ₹1.25 lakh in 2025?

Gold prices surged to a record high, while silver prices also hit a fresh peak on Multi Commodity Exchange of India (MCX) on Monday, tracking gains in international bullion prices, amid safe-haven buying.

MCX gold rate rallied as much as ₹1,343, or 1.22%, to a new high of ₹1,11,166 per 10 grams, as against its Friday’s closing price of ₹1,09,847 level. MCX silver price also hit a fresh high of ₹1,32,665 per kg, jumping by 2.17%, or ₹2,827, from its previous close of ₹1,29,838.

“Gold prices remain near record highs as markets await fresh directional cues. With the auspicious beginning of Navratri starting today, domestic markets may hope to see some buying traction, especially after the recent minor correction that could offer an attractive entry point,” said Darshan Desai, CEO - Aspect Bullion & Refinery.

He believes despite the current absence of strong upward triggers, ongoing global economic uncertainties are expected to provide continued support for bullion prices.

In the international market, gold prices surged to a record high after last week’s US Federal Reserve’s interest rate cut and signal of potential further easing.

Spot gold price gained 0.7% to $3,709.29 per ounce, after hitting a record high of $3,711.55. US gold futures for December delivery climbed 1% to $3,743.40. Spot silver price rose 1.3% to $43.64 per ounce, hovering near a 14-year high.

Meanwhile, markets currently imply two more 25 basis point interest rate reductions this year by the US Fed — one in October and another in December — with expectations of continued monetary policy easing providing a major boost to bullion’s 40% surge so far this year.

MCX gold prices were also supported by safe-have buying amid weakness in the risky assets and a sell-off in the broader Indian stock market, amid worries over the impact of US H-1B visa fee hike.

Gold at ₹1.25 Lakh In 2025 Possible?

Analysts now expect MCX gold rate to touch a new peak of ₹1,25,000 this year, led by a confluence of multiple domestic and global factors.

“Gold prices have been supported by safe-haven demand amid ongoing geopolitical tensions and concerns over the economic impact of President Donald Trump’s tariffs, interest rate cuts, alongside robust central bank buying and sustained ETF inflows. The outlook for the yellow metal remains bullish,” said Jigar Trivedi, Senior Research Analyst at Reliance Securities.

Trivedi believes MCX gold rate can touch ₹1,25,000 per 10 grams level in 2025, led by these supportive factors.

“The key resistance for MCX gold is seen at ₹1,25,000 level, while support is placed at ₹1,05,000 and ₹1,00,000 levels,” Trivedi said.

Silver Price Outlook

MCX silver prices have rallied 52% in 2025 so far, with Comex silver rate up 51%, reaching a fresh 14-year high as expectations of further US Fed rate cuts bolstered demand for precious metals.

“Strong fundamentals also supported silver, with tight supply helping maintain upward momentum. On the demand side, robust consumption from the solar, electric vehicle, and electronics sectors provided additional support. The outlook for silver prices is evidently bullish,” said Trivedi.

He expects comex silver price to advance to $45 per ounce before Diwali. For MCX silver price, the next psychological resistance is seen at ₹1,35,000 - ₹1,37,000 per kg levels.

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