Gold rate today: MCX gold price hits record high above ₹1.27 lakh per 10 grams; silver price gains 1% to ₹1.61 lakh

Gold prices on Multi Commodity Exchange of India (MCX) hit a fresh record high of above ₹1.27 lakh per 10 grams on Wednesday, following a rally in international billion prices on renewed US-China trade tensions with expectations of further interest rate cuts by the US Federal Reserve.

MCX gold rate opened 0.52% higher at ₹1,26,915 per 10 grams as against its previous close of ₹1,26,256 level. The yellow metal hit a record high of ₹1,27,500 per 10 grams level. MCX silver price opened 0.18% higher at ₹1,59,800 per kg level as against its previous close of ₹1,59,504 level. Silver price touched an intraday high of ₹1,61,418 level.

At 9:10 AM, MCX gold price was trading higher by ₹579, or 0.46%, at ₹1,26,835 per 10 grams, while MCX silver rate was up by ₹829, or 0.52%, at ₹1,60,333 per kg.

In the global markets, gold prices rose, hovering near record highs, on safe-haven demand. Spot gold price gained 0.4% to $4,155.99 per ounce, while US gold futures for December delivery rose 0.3% to $4,174.30.

Gold prices have gained 55% year-to-date (YTD) and touched a record high of $4,179.48 on Tuesday.

Gold price rally is driven by multiple factors, including geopolitical and economic uncertainties, expectations of US Fed rate cuts, strong central bank buying, de-dollarisation trend and robust ETF inflows.

Federal Reserve Chair Jerome Powell said on Tuesday that interest rate decisions would be made on a “meeting-by-meeting” basis, balancing labor market weakness with persistent inflation above target. Investors expect a 25-basis-point rate cut at the upcoming Fed meeting this month, with a similar reduction anticipated in December, Reuters reported.

Meanwhile, escalation of US-China trade tensions further supported the yellow metal prices. US President Donald Trump said that Washington is considering cutting some trade ties with China, including in cooking oil, amid escalating trade tensions. Both countries began imposing tit-for-tat port fees on Tuesday.

“Gold prices extended its bullish run to notch a fresh record as investors sought the metal’s safety and ramped up bets of additional US monetary easing. Escalation of US-China trade tensions, hopes of Fed rate cut and the ongoing US government shutdown continue to add to broader market anxiety,” said Jigar Trivedi, Senior Research Analyst at Reliance Securities said.

Gold Price Target

According to Jigar Trivedi, MCX gold price for December expiry is likely to appreciate to ₹127,500 per 10 grams amid a weak rupee and bullish trend in the international market.

Rahul Kalantri, VP Commodities, Mehta Equities Ltd. said that gold prices have support at $4,120 - $4,080, while resistance at $4,195 - $4,220. Silver price has support at $51.10 - $50.40 while resistance is at $52.35 - $52.80.

“MCX gold rate has support at ₹1,25,470 - ₹1,24,580, while resistance is at ₹1,27,150 - ₹1,27,900. Silver price has support at ₹1,57,950 - ₹1,56,150, while resistance is at ₹1,60,850 - ₹1,61,950,” Kalantri said.

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