Gold rate today: MCX gold price dips over ₹8,000 from record high. Should you buy or wait for more correction?

Gold rate today: Gold prices on India's Multi-Commodity Exchange (MCX) have dropped more than ₹8,000 per 10 grams from their record high levels over the last one-month period amid mixed global cues, uncertainty on India-US trade deal, and falling expectations on the Fed's upcoming December rate cut.

The MCX gold prices hit their record high level of ₹132,294 per 10 grams in October 2025, and since then have dropped by ₹8,099 per 10 grams to close at ₹124,195 per 10 grams on 21 November 2025.

According to the Multi-Commodity Exchange data, the gold prices closed flat at ₹124,195 per 10 grams after Friday's commodity market session, compared to ₹124,191 per 10 grams at the previous market close.

Experts also suggested that the recent fall in gold prices is primarily due to the weakening Indian Rupee against the US dollar. On Friday, the Rupee hit a new record low of ₹89.43 against the US dollar.

Does gold have a short-term support?

The gold prices have been trading range-bound between ₹1,18,000 to ₹1,28,000 per 10 grams since the middle of October 2025, as the macroeconomic factors have been fueling the recent volatility in the precious yellow metal, according to Sugandha Sachdeva, Founder of SS WealthStreet.

Sachdeva highlighted that the gold has regained some ground after New York Fed President John Williams' comments signally that the central bank may be open to cutting the rates in the near term. This comes at a time when the global investors are looking towards the US Federal Reserve (Fed) meeting on 9-10 December 2025.

“The Dollar Index is also facing stiff resistance near the 100.50 mark, and unless this level is taken out decisively, further upside in the dollar may remain limited, likely offering short-term support to gold,” said Sugandha Sachdeva, highlighting that US retail sales, PCE price index, US Dollar Index, and the Indian Rupee’s trajectory will guide gold's near term direction.

Ross Maxwell, Global Strategy Lead at VT Markets, also said that further gains in gold prices are possible but not guaranteed notion, while the market expert suggested that the gold investors should remain cautiously positive.

“Gold should not be seen as a hedging or diversification tool, nor as a source of short-term gains. A small allocation of 5-10% is ideal, with opportunities to increase on dips as real yields fall and safe-haven demand grows,” said Maxwell.

Should you buy gold?

On the technical front, Sugandha Sachdeva recommended that the gold prices will have a strong support at ₹121,700 per 10 grams on a daily closing basis, while ₹128,000 will act as a key resistance level for the precious yellow metal.

“A decisive breakout above ₹1,28,000 per 10 grams would open the gates for a fresh record high,” said the market expert.

According to Ponmudi R, CEO of Enrich Money, a SEBI-registered entity, the MCX gold will have a key support level in the range of ₹1,21,800 to ₹1,22,000, with a short-term target within the range of ₹125,500 to ₹127,200.

The medium-term target for MCX gold stands at ₹1,27,200 to ₹128,800+ with a near-term resistance level of ₹1,24,500 to ₹1,25,000, said Ponmudi R.

“A dip below ₹1,21,800 may trigger short-term cooling but is unlikely to threaten the broader uptrend,” said the market expert, emphasising that the overall sentiment shows a strong bullish framework.

The expert also said that the fundamental support remains robust, driven by RBI's buying strategy, geopolitical risks, and safe-haven flows. Ponmudi R also said that the trendline dips continue to offer high-conviction buying opportunities for investors.

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Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.