Gold price today: MCX Gold December futures jumped to a fresh high of ₹1,19,538 per 10 grams, while MCX Silver’s December contracts scaled a fresh peak of ₹1,47,700 per kg.
MCX Gold Rate Today – Precious Metals Shine!
Gold price today: The rates of gold and silver jumped to fresh record highs in intraday trade on Monday, October 6, driven by strong spot market demand ahead of Diwali, along with positive global cues.
MCX Gold December futures jumped to a fresh high of ₹1,19,538 per 10 grams, while MCX Silver’s December contracts scaled a fresh peak of ₹1,47,700 per kg.
Around 9:45 am, the December contracts of MCX Gold were trading 1.17 per cent higher at ₹1,19,490 per 10 grams, while MCX Silver was 1.10 per cent up at ₹1,47,344 per kg.
In international markets, gold surpassed the $3,900-an-ounce level for the first time on Monday, driven by safe-haven demand amid a US government shutdown. Expectations of further rate cuts by the US Federal Reserve remain a key positive factor.
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Here’s What Smart Investors Should Do Now
Comex Gold extended its gains and settled near a record high, closing above the $3,891 mark for the first time in history — a sign of sustained bullish momentum. Renewed concerns over the U.S. government shutdown have reinforced safe-haven demand, keeping precious metals well-supported. Comex Silver also remained firm and is inching closer to the psychological barrier of $50, reflecting strong investor interest across the bullion complex
Why are gold prices rising?
Spot gold prices in India have surged over 50 per cent this year so far. There are multiple factors behind the recent rise in gold rates. The biggest is the uncertainty surrounding US President Donald Trump’s tariff and immigration policies, which have raised concerns about their impact on global economic growth.
Another key factor is the expectations of further rate cuts by the US Federal Reserve this year. The weakening of the US dollar, aggressive buying by central banks in China and India, and strong spot market demand are also contributing to higher gold prices.
“Gold and silver may remain on an upward trajectory amid global uncertainty, US Fed rate cut expectations and the dollar’s weakness. Gold and silver may touch the levels of ₹1,20,000 per 10 grams and ₹1,50,000 per kg on the MCX by the end of 2025,”.
What should investors do?
According to Tata Mutual Fund, gold prices may consolidate around a broad range of $3,500-$4,000 per troy ounce over the short term, as the world digests US tariff policy changes along with heightened geopolitical risks and elevated US growth concerns.
“Investors may remain invested and look for accumulation on any decline in the prices triggered by short-term cyclical factors,” says the fund house.
“We believe that the overall market environment is going to be favourable for a strategic allocation in gold as a long-term investment in a portfolio, considering its hedge against inflation, Geopolitical uncertainty and currency depreciation. As incremental flows come to the gold and silver, Investors may consider allocating gold and silver in 50 a 50 ratio, as silver too looks attractive and gold as a strategic asset,” says Tata Mutual Fund.
MCX Gold, Silver Prices Hit Record Highs Today
Buying gold around ₹1,17,700 with a stop loss of ₹1,16,850 for the target of ₹1,18,800-1,20,000 and buying silver around ₹1,44,400 with a stop loss of ₹1,42,700 for the target of ₹1,46,500- ₹1,48,000.
Gold has support at $3,884-$3,860, while resistance is at $3,922-$3,950 per troy ounce, and silver has support at $47.60-$47.20, while resistance is at $48.40-$48.80 per troy ounce in today’s session.
MCX Gold has support at ₹1,17,400- ₹1,16,600 and resistance at ₹1,18,800- ₹1,19,500, while silver has support at ₹1,44,400- ₹1,43,100 and resistance at ₹1,47,000- ₹1,48,800, Jain said.
Support for gold at $3,845-$3,820, while resistance is at $3,920-$3,945. Silver has support at $47.50-$47.30, while resistance is at $48.35-$48.70.
In INR, gold has support at ₹1,17,600- ₹1,17,280, while resistance is at ₹1,18,750- ₹1,19,400. Silver has support at ₹1,44,450- ₹1,43,850 while resistance at ₹1,46,550 and ₹1,47,450.