Gold rate today: MCX gold price rises above ₹1.48 lakh per 10 grams, silver price jumps 6%. What’s outlook ahead

Gold and silver prices on the Multi Commodity Exchange of India (MCX) opened sharply higher on Tuesday, following a rally in international bullion prices.

MCX gold rate today for April futures contracts opened 2.78% higher at ₹1,48,000 per 10 grams level as against its previous close of ₹1,41,669 level. MCX silver price for March futures contracts opened 4% higher at ₹2,45,711 per kg as compared to its previous close of ₹2,36,261 level.

At 9:20 AM, MCX gold rate was up ₹4,685, or 3.25%, at ₹1,48,676 per 10 grams level, while MCX silver price was up by ₹17,744, or 7.51%, at ₹2,54,005 per kg level.

In the international market, gold price rose more than 3%, rebounding from a near one-month low hit in the previous session, amid absence of key economic data this week due to a partial US government shutdown.

Spot gold price rallied 3.7% to $4,837.16 per ounce, after touching a near one-month low in the previous session. US gold futures for April delivery climbed 4.5% to $4,859.30 per ounce. Spot silver price jumped 5.9% to $84.09 an ounce.

Gold rate scaled a record high of $5,594.82, while silver price hit a life-time high of $121.64 on Thursday.

Gold Price Outlook

Ponmudi R, CEO of Enrich Money said that the volatility remains elevated following the melt-up and subsequent profit taking, but prices are still holding above major structural supports.

“The rising channel structure remains intact, with pullbacks being absorbed by buyers. The ₹1,43,000 – ₹1,45,000 area, earlier a support, is now acting as immediate resistance. A sustained move above ₹1,50,000 could revive upside momentum toward ₹1,65,000 – ₹1,70,000, keeping the medium-term outlook positive despite near-term swings,” said Ponmudi R.

According to Rahul Kalantri, VP Commodities, Mehta Equities Ltd, gold price has support at $4,655 - $4,575, while resistance is at $4,860 - $4,950. Silver price has support at $74.8 - $69.75, while resistance is at $88.15 - $94.80.

“MCX gold price has support at ₹1,38,650 - ₹1,35,310, while resistance is at ₹1,48,850 - ₹1,50,950. MCX silver price has support at ₹2,25,810 - ₹2,19,170, while resistance is at ₹2,44,810 - ₹2,50,470,” Kalantri said.

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