Gold rate today: Following the strength in the Indian Rupee against the US Dollar on the weekend sessions, gold rates in India witnessed sharp selling. Gold price on MCX (Multi Commodity Exchange) fell from the record high of ₹1,35,199 per 10 gm and finished at ₹1,34,206 per 10 gm levels, logging around ₹1,000 loss in the last three straight sessions. As Christmas is fast approaching, investors would like to know whether the bounce back witnessed in the MCX gold rate at the end of the Friday session will continue next week, or if it was just due to profit-booking by short sellers before the week off.
Speaking on the reason for the fall in gold prices, Jateen Trivedi, VP Research Analyst, Commodity & Currency at LKP Securities, said, “Gold prices have been trading in a narrow range on the global front near $4,330 in Comex, while domestic MCX gold remained under pressure around ₹1,33,850, slipping nearly 0.45% as rupee strength capped upside momentum.”
What is dragging down gold, silver rates today?
On what is dragging down gold and silver rates today, Anuj Gupta, Director at Ya Wealth, said, “It is a domestic trigger as the Indian Rupee has been gaining ground after hitting a record low of 91.07 against the US Dollar. The Indian National Rupee (INR) finished at 89.59 after ascending on three straight sessions last weekend. However, the Indian Rupee witnessed a sharp rise against the US Dollar after the Bank of Japan’s decision to hike interest rates. The Bank of Japan’s decision to raise rates is expected to put pressure on the dollar, which the market is discounting by profits from the recent gold and silver price rally. However, the overall trend for gold and silver remains bullish. Any big dip should be seen as a buying opportunity until the MCX gold rate is above ₹1,32,000 and the MCX silver rates are above ₹2,03,000 per kg.”
COMEX gold price outlook
Sharing the technical outlook of COMEX gold price, Ponmudi R, CEO of Enrich Money, said, “COMEX gold price is consolidating near $4,368/oz, maintaining strong footing above the $4,300 to $4,330 support zone. The broader breakout structure remains intact, maintaining a firmly bullish medium-term trend. A sustained close above $4,400 could pave the way toward $4,500, supported by geopolitical uncertainty, central bank demand, and safe-haven flows.”
MCX gold rate outlook
“MCX Gold rate has been consolidating in the ₹1,33,400 to ₹1,35,300 range over the past week, just below a key resistance band. The contract continues to respect its rising channel, with dips attracting consistent buying interest. Support is placed at ₹1,33,000 to ₹1,31,500. A decisive breakout above ₹1,34,500 to ₹1,35,000 could accelerate the upside move toward ₹1,37,000 to ₹1,40,000, aided by rupee dynamics and sustained safe-haven demand,” the Enrich Money expert said.
COMEX silver price outlook
On the outlook of the COMEX silver price, Ponmudi R said, “COMEX silver price eased to around $67.4/oz after scaling fresh all-time highs. Despite the pullback, the broader upward channel remains firmly intact, underpinned by tight supply conditions and strong industrial demand. Near-term support is seen at $64.7–$62.0. On the upside, renewed momentum could challenge $70–75, keeping the long-term bull cycle firmly in place.”
MCX silver rate outlook
“MCX Silver continues to trade near lifetime highs above ₹2,08,437, with momentum cooling marginally after an extended rally. While short-term consolidation is visible, the broader rising channel remains supportive. The ₹2,05,000 to ₹2,00,000 zone, marked by multiple EMA supports on the daily chart, remains critical. Holding above ₹2,00,000 keeps the long-term bullish structure intact. Resistance is placed at ₹2,10,000 to ₹2,15,000, and a breakout above this zone could trigger fresh highs, supported by strong industrial demand and supply constraints,” said Ponmudi R of Enrich Money.
Key Takeaways
- Gold prices have recently dipped due to the strengthening Indian Rupee against the US Dollar.
- Investors are advised to consider buying during dips as long as gold prices remain above critical support levels.
- The broader market outlook suggests a continued bullish trend for gold and silver despite recent fluctuations.